The theatres have shrunk in the US due to the pandemic, wherein the average ticket price shot up to $10.53.
Usually, NATO, which tracks ticket prices, also found that the cost of going to a movie in 2022 is actually less than in 2019 if inflation is considered. However, this is due to the shrinking of movie screens amid the COVID pandemic. A majority of the audience has moved to OTT space.
It is reported that the number of movie screens in the U.S. has shrunk from 41,172 in 2019 to 39,007 in 2022, a 5.3 percent dip.
The report also highlighted the importance of theatrical release over streaming, the dangers of piracy, industry innovations, and opportunities going forward. It is being said that the moviegoing experience will be great as there are a number of opportunities both for exhibitors and studios.
Now it remains to be seen how many will close down forever and how many will re-open. They want to see different genres like action, thriller, horror, drama, and romance. In fact, Top Gun: Maverick and Elvis did pull in a lot of older crowds.
One important insight is that consumers are willing to pay a premium price for alternate content and new experiences on the big screen. And that longer theatrical release windows will delay piracy spikes that occur when a film is released at home.
