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8 Many individual theaters are also trying to reinvent themselves with their own version of subscription services and pre-feature advertising. 7 One example is monthly subscription-based services that give consumers the ability to watch a fixed number of movies in theaters at a discounted price.
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THEATER MOVIES FROM 2017 MOVIE
So, why are some studios and theaters unable to capitalize? Perhaps consumers desire changes in the ways movies are priced, promoted, or shown.Ĭhange often paves the way for novel business models-and we are already seeing some from movie theaters in 2018. Video streaming’s rising popularity likely indicates that people have a strong appetite for video content, particularly movies. These growth figures are further reflected in the booming valuations of several streaming organizations. This adoption is likely fueled by consumers’ strong desire for original content and the flexibility video streaming provides for consuming media wherever and whenever they want. On the other hand, video streaming services are seeing skyrocketing growth.Īccording to our analysis, the number of US households subscribing to video streaming services grew from 12 million in 2009 to 71 million in 2017, a CAGR of 25 percent. Rising ticket and concession prices, changing entertainment preferences, and a lack of desired content are some of the factors that may be responsible for this downturn. Moreover, the decline has been consistent over the last nine years, with US theater attendance posting a negative compound annual growth rate (CAGR) of 2 percent from 20. 3 Furthermore, less than 20 percent of major movies released during the year were able to recoup their production and marketing costs. Overall ticket sales declined by 6 percent year-over-year-the lowest figure in over two decades. However, beyond these blockbusters, the picture looked grim for the movie industry in 2017. 1 The trend continued in the first half of 2018, with three superhero movies ranking in the top five most popular cinematic releases. We regret the error.The six major superhero movies released in 2017 combined to gross more than $4 billion in worldwide ticket sales. The highest-grossing movie of 2017 was Star Wars: The Last Jedi, which has so far earned more than $1 billion worldwide.Ĭorrection 11:14AM ET: An earlier version of this article stated that attendance had hit a 15-year low. Ticket prices also continue to rise, even as startups like the subscription service MoviePass threaten to devalue the movie-going experience. As streaming services like Netflix, Amazon, and HBO Go offer more entertainment options, theatergoers may be less likely to leave their homes to watch a movie.
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The number of tickets sold from May through Labor Day was reportedly down 16 percent from 2016.Īs Bloomberg points out, there are other factors in play, too. Theater attendance in the US and Canada during the summer months, which saw releases like Baywatch, The Mummy, and the fifth installment of the Pirates of the Caribbean franchise, hit a 25-year low, according to the LA Times. Last year’s slump in domestic ticket sales can partly be attributed to a very poor turnout during the summer blockbuster season. As The Hollywood Reporter points out, global box office revenue hit a record $40 billion this year (an increase of 3 percent worldwide). But when you factor in international theater attendance, things look slightly less dire. The Hollywood Reporter estimates that attendance in North America could be at a 27-year low. The slump is part of an ongoing downward trend when it comes to domestic ticket sales.
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Even with higher ticket prices, domestic revenue also dropped 2.7 percent from last year, from $11.4 billion to $11.1 billion. Box Office Mojo estimates around 1.24 billion tickets were sold, a drop off of 5.8 percent from the previous year. Movie theater attendance in the US and Canada in 2017 fell to its lowest point since at least 1992, Bloomberg reports.