![]() ![]() The good news is that frequent moviegoers, defined as those who go to theaters once a month or more, have returned in force, but ticket buyers who go to a handful of movies annually aren’t really buying many tickets. However, it’s down approximately 61% from pre-COVID 2019. That’s a massive 91% increase from 2020, which was after all a 40-year low for the business. The domestic box office was much improved from the dumpster fire that was 2020, with total revenues expected to top out at roughly $4.4 billion. “Spider-Man: No Way Home” has been an optimistic coda to an otherwise downbeat year at the movies, at least in terms of most films’ commercial performance. But the headaches, hurdles and head-spinning twists and turns aren’t over yet.Įven as Peter Parker continues to capture more and more moviegoers in his web, the movie theater industry continues to grapple with major challenges. ![]() And AMC Theatres, no one’s idea of a “cool company” before COVID was a thing, improbably emerged as a meme stock embraced by an army of Reddit traders who sent its share price soaring into the stratosphere. Streaming services snapped up some of the buzziest projects on the market and, in the case of Amazon, bought one of the most storied studios in Hollywood history by signing a deal to acquire MGM, the home of James Bond. ![]() Major studio films like “Dune” and “Halloween Kills” were refashioned as simultaneous HBO Max or Peacock releases. Getting to this point has been a struggle, and the rate of change in a century-old sector of the entertainment industry has been stunning. We think this is a turning point for us.” “It’s fantastic news for the rest of the year and into 2022. “This is such a good harbinger for the future of the theatrical business coming out of the pandemic,” says John Fithian, chairman of the National Association of Theatre Owners, the exhibition industry’s main lobbying arm. It’s also a welcome reminder, after a brutal 22 months, that movie theaters can still create a kind of grand cultural happening that simply can’t be replicated on Netflix. For cinema operators like O’Meara, the latest Spidey movie isn’t merely a deus ex machina, something that swings in like a gift from the heavens to boosts ticket sales and popcorn purchases. ![]()
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