It was a bad summer for movie theaters as a vast majority of the 29 widely released films disappointed in ticket sales.
Blockbuster movie sales were flat compared to last year’s $4.49 billion, and attendance is expected to be 513 million, a 3.5% fall. The drop in attendance is taking its toll on movie studios. Nearly all of the major film studios, including Warner Bros., Sony, Universal, 20th Century Fox, and Paramount, were reduced to negative profits in the second quarter of 2016.
Many are pointing to the ease of streaming movies and the fact that movies are coming to streaming services such as Amazon Video sooner and sometimes just a few weeks after they are released. There has even been a few movies to hit streaming services when they are still in some movie theaters.
Add in the fact that many Americans are upgrading to larger TVs with better sound taking away one of the benefits of going to movies puts movie theaters in danger.
With the high cost of movie tickets, food, and the ease of watching movies at home leaves many to wonder. What will go away first cable TV or your local movie theater?
Source: New York Times
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