From a movie theater in New York City to the beach in Florida, there’s a reason the industry is suffering.
According to a report from The Washington Post, movie theaters have seen a 37% drop in movie ticket sales since 2016.
And there’s no clear reason for the trend.
According, in part, to the fact that people don’t go to movies anymore.
According the Post, “While moviegoing declined, attendance fell for a third straight year, the most in five decades, according to a 2016 study by the Association of American Publishers.
So how can a place where the average ticket price is $30 be a source of the crisis?”
The industry isn’t alone in experiencing a drop in ticket sales.
In 2016, The Hollywood Reporter reported that moviegoers were experiencing a 20% drop from 2015, when they spent an average of $8,921 on a movie ticket.
The decline continued last year, with average ticket prices down 13%.
And in 2016, according the Washington Post: “A total of 6.6 million people, or 5.7 percent of the U.S. population, never attended a movie in 2016 and never would,” the report said.
And, “More than 7.6 percent of adults who had never attended in the previous 12 months had done so in 2016.”
According to The Post, while attendance has dropped for moviegoers, the industry isn://www.washingtonexaminer.com/movies-and-entertainment-recovery-is-at-a-record-high-but-will-only-slow-down-in-the-near-term-a9554742.html remains a major draw for movie-goers, attracting a record number of viewers each weekend.
And according to The Wall Street Journal, moviegoing has been the fastest-growing segment of the American economy since 2008.
The problem, of course, is that the industry doesn’t have much else going for it.
According To The Wall St. Journal, “Moviegoers spend a staggering $3.7 trillion a year, according a recent study by research firm Citi.
The vast majority of that spending comes from theaters.
The movie theater market is one of the largest consumer markets in the country, with more than 1.4 billion ticket holders.”
So what are the possible solutions?
According to the Wall Street Review, there are many possible solutions that could help alleviate the problem, but one of them could be to stop spending money at theaters altogether.
According The Washington Examiner, “To solve the problem of the moviegoing decline, there may be some sort of subsidy for movie theaters.
But, as a whole, we’ve got to cut the movie-going pie.”
While it’s still possible that the theater industry will be able to keep its current business model, it could be more effective if it’s given a clear message that the movie is worth paying to see, the Post reports.
And with that message, moviegoers could be encouraged to visit movie theaters again.