It’s the right the time to be excited about the possibilities of cinemas.
In a time that is marked by the popularity in streaming, there’s a convergence of trends that could provide this sector with a needed boost.
It’s a Recovery Now
An important starting point is when looking at the visits to AMC Theatres or Regal Cinemas nationwide, there is a clear trend of recovery. In the context of a 2022 that was devastated by threats from Omicron in January, to the rise of increasing gas prices and inflation in the spring, yet the Year-over-Three year gap for visits was the lowest it was in May. AMC and Regal experienced visits falling by 33.0 percent and 29.3 per cent respectively when as compared to May 2019. which was the highest figure since the beginning in the calendar year.
This shift is due to a noticeable increase in traffic. The number of visits in May increased by 39.1 percent and 42.8 percent respectively with respect to AMC as well as Regal locations. Digging further into the data uncovers a clear root.
Blockbuster films are released, and the results are significant improvement in visits. The week that began on May 2nd saw visits drop by just 8.5 percent and 0.1 percent in AMC as well as Regal respectively, due to the hugely popular release of the new Dr. Strange.
Unafraid to be surpassed by the caped superheroes the release in late May of Top Gun sent even higher standards. Both chains saw Yo3Y visits drop considerably in the week starting May 30th, and increasing during the week starting June 6th.
Did these films had a positive effect on you? Yes! Does the success last? It’s possible.
To begin, there is a series of blockbusters of the highest quality to be released this summer, including major family-oriented films. Movie theaters typically see an increase in attendance during times of severe economic uncertain. With rising gas prices and inflation making their mark evident, the low-cost option in cinemas offers a better value option to get away from the house and unwind.
While there are some foundational issues that the cinema space must address There is an chance for a prolonged period of optimism in the next few months. In light of the ferocity of the ‘death of the film theater’ stories in recent years, the time could not be more ideal. Here is a link to another editorial that gives us more optimism about theaters making a comeback! https://eagleeye.news/23311/feature/movie-theaters-become-popular-again-after-covid-19/
