Gower Street Analytics, a data analytics company servicing the motion picture sector, has raised its 2021 global box office forecast to nearly $22 billion following better-than-expected results through the month of October. The firm is now expecting global box office to hit $21.6 billion in 2021, up from its previous forecast of $20.2 billion, with the potential to hit the $22 billion by the end of the year.
Gower Street states the $21.6 billion figure would represent an 80% bump from 2020’s results but still 49% 2019’s pre-pandemic numbers. The company cites gains in Asia Pacific (APAC) stemming from China’s box office recovery that represent a 52.2 percent market share of the global theatrical market, compared to 2020’s 50% figure. North America’s market share is expected to be down marginally, 21.6% compared to 2020’s 21.8%, with a similar decline in Latin America (4.6% compared to 2020’s 4.9%). Europe, Middle East, and Africa (EMEA) is expected to take the biggest loss in market share, down to 21.6% of the global market from 2020’s 23.1%.