"It's a little bit expensive, but it will produce a better product on the screen," Malco's Etter said. Over the last few years, movie theater operators have been removing traditional digital projectors and installing laser units, citing cost savings over time and a better picture quality for moviegoers. To that end, operators have started with upgrading projectors. While cinema operators are pleased that studio production has increased, they are no longer taking audiences for granted. And ticket sales should rise in 2023 as studios release more films. Even as Covid restrictions were lifted in 2022, just more than half that number of tickets were sold for the year. In the two decades before the pandemic, the industry sold an average of 1.1 billion tickets per year, according to data from EntTelligence. This is a marked improvement from the meager $98.7 million box office tally during the same period in 2021.įoot traffic has also improved, but continues to linger behind pre-pandemic levels. Through Monday, the 2023 box office has tallied $958.5 million in ticket sales, up nearly 50% compared to last year and down just 25% from 2019, according to data from Comscore. The aim is to improve the baseline experience for moviegoers regardless of the type of ticket they purchase.Īlready, the industry is seeing improvements in ticket sales. Theaters have been forced to innovate, even as Hollywood production returns to normal and studios offer more movies for release than they were able to during the earlier stages of the pandemic.Īs the space contracts, cinema operators are investing in the basics, improving sounds, picture quality and seating as well as in bolstering its food and beverage offerings, events and alternative programming. Rodriguez said that most newly built locations will range between 12 and 16 screens and those with larger, preexisting footprints will look to repurpose some space for supplementary activities for moviegoers, like arcades, bowling alleys or bars. "Consumers are a lot more selective, and I think that for the economics that are necessary, you're not going to see these 30-plexes anymore." ![]() "Think about retail out there in general, it's repositioning itself, you don't have as many of the same branded stores in the marketplace," said Rolando Rodriguez, chairman of the National Association of Theatre Owners. For many, that meant closing locations or selling off leases. A number of regional chains have shuttered for good, while others were left to reevaluate their financial footing. This consolidation was a direct result of the Covid pandemic, which shut down theaters for a time and triggered a surge in streaming subscriptions. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
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