Memorial Day Box Office Sales Inspire Optimistic Start to a Movie-Filled Summer
The success of Disney's live-action 'Lilo & Stitch,' along with the other Memorial Day Weekend movies, highlights the rise in one of Los Angeles' biggest industries: movies. With Memorial Day Weekend being an often big box office weekend, this year's weekend was the highest ever as moviegoers returned to theaters in record numbers. Memorial Day Weekend box office sales doubled from last year with 'Lilo & Stitch' achieving a record-breaking $183 million domestically and $341 million worldwide. Tom Cruise's 'Mission Impossible — The Final Reckoning' beat its personal box office record with $77 million in sales. The Weekend's total ticket sales were $326 million.Movie theatre company shares rose quickly following the achievement. AMC's stock soared over 23%, while Marcus Corporation—parent company to Marcus Theatres rose 20%, according to CNBC.'Everything came together at the right time with two eagerly anticipated, positively reviewed tentpoles courting a diverse range of audiences,' Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory told CNBC. 'This record holiday frame continues a box office winning streak which began in the spring and has now grown into bona fide momentum for what will likely be a $4 billion-plus summer at domestic cinemas thanks to a string of promising blockbusters on the slate.'Theatres can anticipate a blockbuster movie summer with the release of a live-action remake of 'How To Train Your Dragon' (June 13) and a number of sequels, such as 'M3GAN 2.0' (June 27), 'Jurassic World Rebirth' (July 2), and 'Freakier Friday' (Aug. 8). Additional highly-anticipated releases are 'Materialists' (June 13) starring Dakota Johnson, Pedro Pascal, and Chris Evans , Pixar's 'Elio' (June 20), DC Universe's 'Superman' (July 11), and 'Fantastic Four: First Steps' (July 25).
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