Superheroes at the Box Office: What Factors Determine the Success of Superhero Films?

In recent years, superhero films have accounted for nearly 18% of US theater revenue. This study analyzes data on superhero films released between 1978 and 2025, employing ordinary least squares and two-stage least squares to identify factors influencing domestic box office success. The analysis includes models for the full sample and subsets divided by the 2012 release of The Avengers . Results from the full sample indicate that increased budgets, wider exposure, and favorable reviews from critics and audiences are positively correlated with real domestic revenues. For films released after The Avengers , there is strong evidence that audiences prefer those set within interconnected cinematic universes. Our models include variables identifying films within the DC Extended Universe, Marvel Cinematic Universe, X-Men cinematic universe, and Sony’s Spider-Man Universe, with results highlighting the importance of these interconnected film universes in driving financial performance in the contemporary superhero genre.