Although movie ticket sales in the U.S. and Canada are expected to dip just below last year’s record of $11.38 billion, the number of tickets sold is projected to drop 4% to 1.26 billion — the lowest level since 1995, according to preliminary estimates from studio executives.
The falloff in ticket sales can mostly be explained by a handful of movies that flopped, especially during the dreary summer season that posted the worst results in more than two decades. Even such massive hits as “Wonder Woman,” “Thor: Ragnarok” and “It” couldn’t make up for a lackluster summer lineup populated by rickety franchises (“Alien: Covenant”) and poorly reviewed retreads (“The Mummy”).
However, the long-term decline in attendance reflects systemic challenges facing the industry. Audiences are spending less time going to the movies and are consuming more entertainment on small screens and through streaming services such as Netflix and Amazon that are spending billions on original video content.
At the same time, while higher ticket prices have helped to offset attendance declines, they have made consumers pickier about what movies they’re willing to go see. And those increasingly…Read More