Hollywood’s Tumultuous 2024: The Unexpected Winners of a Challenging Year

The year 2024 proved turbulent for Hollywood, marked by box office disappointments (Joker: Folie à Deux and Kraven the Hunter), widespread layoffs, prolonged labor strikes, and shrinking production opportunities amid a broader industry downturn. Yet, amidst the struggles, a few key players and projects managed to emerge victorious.

Disney faced significant hurdles at the start of the year: slumping stock prices, a money-losing streaming division, and a renewed proxy fight from activist investor Nelson Peltz. However, the entertainment giant staged an impressive rebound under Bob Iger’s leadership.

Iger successfully outmaneuvered Peltz’s campaign, while Disney’s movie division delivered major hits like Inside Out 2 and Deadpool and Wolverine, each grossing over $1 billion. Other successes included Moana 2 and Alien: Romulus. The stock climbed more than 25%, and FX, its cable programming unit, dominated the TV awards circuit with Shōgun and The Bear. Even Disney’s streaming services turned a profit collectively this year.

Despite the triumphs, questions remain. How will ESPN’s upcoming streaming service fare, and who will replace Iger when he steps down in 2026? Paramount Global’s leadership saga concluded with David Ellison stepping in as CEO after years of instability under the Redstone family. The son of Oracle billionaire Larry Ellison aims to rejuvenate Paramount’s assets, including franchises like Sonic the Hedgehog, Top Gun, and Taylor Sheridan’s TV empire (Yellowstone, Landman, 1923..). Fixing Paramount’s chronic underinvestment won’t be easy, but Ellison’s industry background and private equity backing inspire cautious optimism. Analysts also predict more consolidation across studios as cable channels decline.

Hollywood’s long-neglected musical genre made a triumphant return with Universal’s Wicked. Directed by Jon M. Chu and starring Ariana Grande and Cynthia Erivo, the adaptation grossed hundreds of millions domestically and earned the pair Oscar buzz. Its sequel, Wicked: For Good, is set to follow in 2025.

Musicals aren’t the only bright spot. Animated features like Moana 2 and Inside Out 2 have also driven substantial box office returns. Meanwhile, Netflix entered the awards conversation with its operatic drama Emilia Pérez, proving that audiences still crave ambitious storytelling. Theaters saw renewed investment as studios leaned into the viability of big-screen releases. Sony Pictures even acquired Alamo Drafthouse, signaling confidence in theatrical exhibition.

While challenges remain—streaming competition, shorter theatrical windows, and high ticket prices—theater operators are banking on a packed slate in 2025 and beyond to reignite regular moviegoing habits.

The Academy Awards gave its top prize to Christopher Nolan’s blockbuster Oppenheimer and celebrated the quirky Poor Things. Ratings rose slightly to 19.5 million viewers, but the future of awards shows remains uncertain as TV viewership continues to decline.

The good news is that, despite Hollywood’s rough year, these successes offered glimpses of hope, proving that even in adversity, the industry can still deliver compelling victories.

Source: LA Times