Movie Theaters Best Summer Since 1998

CBR

Movie Theaters Had Their Best Summer Since 1998

Studios and movie theater owners can breathe a sigh of relief with the news that 2018 has been the most successful summer season in two decades.

The numbers may come as a surprise in the face of rising costs for a night out and an increase in stay-at-home streamers, but a 14 percent bump in revenue is encouraging for those who have worried about the death of the movie theater experience.

2017 was a significant low point for theater chains, dropping sharply from the previous year and continuing a trend that looked increasingly disappointing since 2013. But according to research firm ComScore Inc., the stellar performance of movies like Avengers: Infinity War and The Incredibles 2 have buoyed the numbers by a bigger margin than the industry has seen since 1998.

Studios like Disney, Universal and Paramount are among those reaping the greatest benefits, though the same can't be said for those whose features are smaller than the typical summer tentpole films. Still, there has been some surprise hits, like the Jason Statham popcorn flick The Meg and the breakout darling Crazy Rich Asians, which has led to optimism from analysts who had previously bemoaned the existence of streaming services like Netflix.

“The notion that streaming has led to a decline in cinema attendance is really over-exaggerated,” National Association of Theatre Owners spokesperson Phil Contrino said.

The analysis does allow for a caveat: The summer forecasts, which officially end Labor Day weekend, do take into account higher ticket prices, meaning that inflated costs for IMAX and 3D screenings help bolster the numbers. Still, in the face of Netflix and a greater number of prestige cable series dominating viewers' attention for the last few years, these latest numbers give a reason for hope that the theater experience isn't in danger of coming to an end any time soon.

(via Bloomberg)