Weekend Box Office Report –January 2

Haply New Year

True Grit closed the gap with Little Fockers but couldn’t quite overtake the seasonal gag fest. Fockers emerged at the top of the charts with an estimated $26.2 million with Grit a trot behind at $24.5 million.

The closing frame of 2010 provided no new national releases and just two additions to the last gasp of the awards season. The searing drama Blue Valentine provided an opening weekend of $174,000 from four screens while the acclaimed Brit import Another Year bowed on six screens with $117,000.

Estimates for the year peg domestic box office at $10.52 billion, which translates into a 1.5% downturn from 2009. Admissions declined by a more sizable 7% drop largely as a result of premium pricing for 3D and large format movies. Eight of the top 10 top grossing movies of the year fell into that category and 2011 promises even more stereoscopic offerings.

Theater owners are scrambling to convert screens to digital 3D to capitalize in what no one can yet proclaim as either a temporary craze or the future of film going. The enhancements have been a finger in the dike of the eroding audience but with the arrival of 3D home entertainment this year that nagging recession may not abate. And there’s little doubt that the “windows” issue — the time between theatrical and ancillary release — will intensify with exhibition making grudging concessions that can only ramp up bad blood with major suppliers.

This year’s New Year weekend box office experienced a 13% uptick from the Christmas holiday session. However, it was 29% less fulsome than the same period last year when weekend three of Avatar grossed $68.5 million with Sherlock Holmes and Alvin: The Squeakquel adding $36.6 million and $35.2 million respectively.

Adult/awards fare, which includes The Fighter, Black Swan and The King’s Speech — all likely Oscar contenders — held their own with the holiday frivolity. That still leaves seven slots for films as diverse as Toy Story 3 and Blue Valentine in year that most film reviewers have characterized as overall sub-par.

True Grit has already become The Coen Brothers biggest grossing domestic release and actor Jeff Bridges can claim the rare distinction of having two holiday films (Grit, TRON: Legacy) that will gross in excess of $100 million. He’s easily the comeback kid in a year where seemingly more audience-friendly performers (and filmmakers) have taken it on the chin.

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Weekend Estimates – December 31-January 1, 2010

Domestic Market Share (Jan. 1 – Dec. 23, 2010)

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