Warner Bros.’ (NASDAQ: WBD) ‘Barbie’ and Universal’s ‘Oppenheimer’ Steal the Spotlight This Summer
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Warner Bros.’ (NASDAQ: WBD) ‘Barbie’ and Universal’s ‘Oppenheimer’ Steal the Spotlight This Summer

Story Highlights

It has been a refreshing summer for movies at the box office this year with the success of original stories like Barbie and Oppenheimer.

While Hollywood has been battered this year with actors’ and writers’ strikes, it has been a refreshing summer for the movies at the box office in summer blockbusters, where established franchises have long been the reigning champions. The year 2023 has brought a refreshing twist. This year, the spotlight shifted to two unexpected newcomers, Barbie and Oppenheimer.

Warner Bros. Pictures’ (WBD) Barbie dazzled with $609.5 million in domestic ticket sales so far and has earned a staggering $1.4 billion globally. Universal’s (CMCSA) Oppenheimer followed suit, grossing $308.6 million domestically and $851.3 million worldwide. The success of these movies has been remarkable as they have outperformed even beloved franchises like Indiana Jones and the Dial of Destiny (DIS) and Mission: Impossible: Dead Reckoning (PARA).

WBD stock is up 21.2% year-to-date, while CMCSA stock has risen 30.5% year-to-date. Both stocks are Moderate Buys, according to analyst consensus sentiment.

Shift in Movie Industry

According to Comscore data, summer box office revenues could surge by 19% year-over-year through the Labor Day weekend, totaling an estimated $4.1 billion, thanks to Barbie, Oppenheimer, and other surprises like Sound of Freedom. This shift challenges the industry’s reliance on established franchises, signaling a growing demand for fresh narratives.

Even Disney’s CEO Bob Iger had stated following the disappointing box-office performance of its Star Wars film Solo that the media giant is rethinking its “aggressive” release strategy for its Star Wars movies.

XLC Stock – Communications ETF

For investors interested in the media sector, the Communication Services Select Sector SPDR Fund (XLC) is a good option that has surged by more than 35% year-to-date.

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