If you enjoy streaming TV like billions do, you’ll never know the sector is having a hiccup right now as we reset our financial lives a bit and slash a subscription or two — and maybe give the ailing cinema industry a chance to to enrich herself while she searches for mail – pandemic relevance.
They’re taking advantage of them, starting with trending news surrounding “Avatar: The Way of Water” (aka “Avatar 2”) and its revival of 3D glasses that have had uneven performance in the past but have a definite future. The long-awaited sequel from James Cameron hits theaters on December 16, and viewers will receive 3D glasses to enhance the experience.
Movie news site HITC reported in May that Cameron’s production company Lightstorm Entertainment had partnered with Christie Digital on a new laser projection system that would effectively reproduce 3D movies without the cardboard glasses. There is more to it than that.
What about the seven intervening months before returning to the planet Pandora in 3D? Until then, we could suffer from the Zeta variant and it could all be for nothing. Or not.
If the recovery holds, things are looking a little better for a theater industry that’s been battered.
signs are good. News site IndieWire reported on Wednesday (May 11) that theatrical receipts for the first quarter of 2022 improved significantly, albeit subdued, from the comparable period in 2021.
That didn’t stop AMC Entertainment Chairman and CEO Adam Aron from opening up an earnings call by repeating, “Doctor Strange! Doctor Strange! Doctor Strange! Doctor Strange!”
He did so with good reason: The latest installment in Disney’s Marvel Cinematic Universe franchise, Doctor Strange in the Multiverse of Madness, opened May 6 and grossed $450 million at the worldwide box office.
See also: Netflix losing subscribers, HBO gaining point to a changing world for streaming services
As Hollywood’s annual CinemaCon gathering took place in April, CNBC reported that the box office for the first four months of 2022 “is still down about 40% from pre-pandemic levels in 2019, but theaters are seeing significant gains year-on-year,” he added, noting that ticket sales for big films like The Batman are encouraging, and franchises are also rising.
Ticketing website Fandango surveyed 6,000 consumers on the eve of CinemaCon and found that 93% bought discounts at the cinema, compared to 84% a year earlier.
That’s good news for theater operators who don’t share concession sales with studios.
Fandango also found that 85% of moviegoers ate dinner indoors at a restaurant as part of their movie night, and 79% also shopped at a mall or retail store during their trip to the cinema.
These kinds of economic ripple effects are marquee news for restaurants and retail businesses that have historically done well in the blockbuster summer season.
It’s worth noting that while cinema has historically been classified as a recession-proof business, that’s more myth than reality. Even so, National Association of Theater Owners (NATO) VP and Chief Communications Officer Patrick Corcoran told The Hollywood Reporter that “the box office isn’t immune to a recession — although it is resilient.”
See also: Movie chains are testing connected tech and new revenue streams to boost ticket sales
From “French shipping” to DeFi
While the other NATO (North Atlantic Treaty Organization) was monitoring Russian troop movements in Ukraine, the much sunnier film-focused NATO released its 2022 industry report in April, titled “Advancing the Moviegoing Experience.”
In it, NATO President and CEO John Fithian attempted to stream premieres, writing, “It is very clear when analyzing from title to title that spikes in piracy are most drastic when a film is available at home for the first time.” He added that “simultaneous publishing is dead as a serious business model, and piracy killed it.”
In March, NATO announced the creation of the Cinema Foundation, whose primary mission is to “ensure that the industry’s technology is future-proof and meets standards that help key stakeholders, including filmmakers, producers and exhibitors, while avoiding costly impediments to the theatrical experience.” don’t improve,” the website says.
As for the filmmakers themselves, it was revealed on Tuesday (May 17) that the Decentralized Pictures Foundation (DCP) is accepting applications for funding on the blockchain from indie filmmakers who are shying away from money to complete their projects.
Founded by director, producer and screenwriter Roman Coppola, DCP said in a press release that “aspiring filmmakers can submit suggestions on the platform for consideration by the DCP community. For their honest opinion and feedback on film suggestions, members of the DCP community are rewarded with DCP’s cryptographic tokens, FILMCredits. The community will vote on projects they would like to see produced and choose a winner for select funding awards.”
Beginning Friday (May 20), filmmakers, creators and other stakeholders can register, submit and review proposals at app.decentralized.pictures.