Disney’s ‘Moana 2’ has ignited a box office firestorm, propelling the entertainment giant’s resurgence and setting new benchmarks for the Thanksgiving weekend. The highly anticipated sequel raked in an astounding $221 million over the long weekend, a figure that significantly contributed to the overall cinematic bonanza of $420 million – a record-breaking total for the Thanksgiving period. This surpasses the previous record set in 2018, showcasing a remarkable comeback for the movie industry after years of pandemic-related setbacks.
Ross Gerber, CEO of Gerber Kawasaki Wealth, took to X (formerly Twitter) to express his enthusiasm, highlighting ‘Moana 2’s’ pivotal role in Disney’s financial success. The film’s extraordinary performance not only eclipsed the previous Thanksgiving record held by ‘Frozen II’ ($125 million in 2019) but also shattered the five-day opening record previously held by ‘The Super Mario Bros. Movie,’ a testament to its widespread appeal. The film’s remarkable success even included earning $28 million on Thanksgiving Day alone, according to Variety.
This isn’t just about ‘Moana 2.’ Other major releases like ‘Wicked’ and ‘Gladiator II’ also contributed significantly to this record-breaking weekend, showcasing the overall health of the theatrical film market. The success of this Thanksgiving weekend has broad implications across the movie industry, particularly for major US theater chains like AMC Entertainment Holdings, Cinemark Holdings, and others. These chains will undoubtedly benefit from this surge in movie-going audiences.
The impact extends beyond the immediate box office success. Disney’s fiscal fourth-quarter 2024 revenue showed a 6% year-over-year increase, reaching $22.57 billion – slightly exceeding analyst expectations. This success is partly attributable to the strong performance of the entertainment segment, which includes the films division and saw a 14% year-over-year jump to $10.83 billion. The impressive performance of ‘Moana 2’ is undeniably a major factor driving this significant growth.
While Disney’s stock experienced a slight dip on Friday, closing at $117.47, the year-to-date performance shows a significant 28.17% increase, demonstrating investor confidence. The stock market reactions of other related companies present a mixed picture, with AMC Entertainment falling and Cinemark Holdings showing gains. These variations suggest that while the overall market health for movies is positive, individual company performance can still depend on diverse factors.
In conclusion, ‘Moana 2’s’ box office triumph is more than just a single film’s success; it signifies a powerful resurgence for Disney and the broader film industry. The Thanksgiving weekend numbers represent a significant step toward recovery and suggest a promising future for theatrical releases. The film’s success, coupled with the overall positive Thanksgiving weekend figures, paints a positive outlook for Disney and movie theatres across the country.
