Even 'The Odyssey' and 'Spider-Man' can't save Hollywood
Despite recent box office hits, the movie theater industry continues a long-term decline that predates the pandemic. The author argues that the rise of the internet has permanently altered consumer habits, making a full recovery to historical attendance levels unlikely.
Why it matters
It challenges the narrative that the theatrical movie industry is 'back' and provides a sobering look at long-term structural shifts in entertainment.
Matt Damon in "The Odyssey." Melinda Sue Gordon/Universal Pictures People are spending a lot of money to go see (some) movies in theaters this year. That sounds like good news for Hollywood, which fretted that moviegoing may be going away. The bad news for Hollywood: Moviegoing has been in decline for more than two decades — and this year's movies won't change that. "The Odyssey" is a big hit at the box office, despite Elon Musk's best efforts . "Obsession," "Backrooms," "Project Hail Mary," and "Michael" were big hits in 2026, too. And the newest " Spider-Man" movie, coming this week, looks certain to be a big hit. So. Hollywood, which has been beset with all kinds of issues, is finally back. Right? Yes. But also, no.
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