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spare a dime? Movie? The economy is hurting but theaters will do well Mar 24, 2008
If in prior centuries it was saloons that caught the upside of an economic downturn, in this modern era it's movie houses, and the timing could not be better, with summer approaching and yet another string of much-touted movies set to debut. Back in 2005, when the economy was bustling, box office receipts were down, and all the talk then was that other entertainment media--home cinemas, the internet and video games--were draining off audiences. Then ticket sales improved and folks attributed the slump to the bum movies Hollywood was turning out. If ticket sales do indeed rise this summer, credit will go to the quality of the new releases but also to a fact of economic life. During hard times, when jobs are slashed and folks are struggling against higher costs, movies come to be seen as a cheap, affordable form of entertainment. The average cost of a movie ticket is still under $7, which makes a night at the cinema pretty cost-effective versus, says, eating out, where a dinner might run twice or three times that at a mid-priced casual dining restaurant like Chili's. In fact an industry trade group, the National Association of Theatre Owners, looked back to 1970 and found that during the last seven recession years, box office revenues increased in five of them. So far this year, box office receipts are up a modest 1.2 percent compared to the same period last year, but the number of tickets sold is down nearly 2 percent, according to reported Media By Numbers figures. But at least one forecaster is optimistic that this year will be another solid one for the box office. Screen Digest, the London research outfit, is forecasting that ticket sales will rise between 3 percent to 4 percent, to $9.9 billion. Attendance should be up a bit too. “It is a good year. If you look at the lineup of films, there will be some high-profile franchises and blockbusters,” says Charlotte Jones, Screen Digest’s box office analyst. One important movie will be the long-awaited sequel to Steven Spielberg’s “Indiana Jones and the Last Crusade," after 18 years. “Indiana Jones and the Kingdom of the Crystal Skull,” starring Harrison Ford, comes to theaters on May 22, and it should be a huge hit, says Sam Toy, acting reviews editor of Empire Magazine, a London-based film magazine. “It ticks the box with every single demographic." Opening a week earlier, on May 16, and with similar expectations, is “The Chronicles of Narnia: Prince Caspian,” the sequel to “The Chronicles of Narnia: The Lion, the Witch and the Wardrobe,” which came out in 2005 and has a lifetime gross of $745 million worldwide, according to Box Office Mojo. Another family-friendly movie likely to hit it big this summer is Pixar’s “WALL-E,” an animated film about a robot, due out June 27. The caped crusader also flies onto the screen again. “The Dark Knight,” the latest Batman movie comes out on July 18 and stars Christian Bale. This year there will also be movies from other known franchises, including the “The Incredible Hulk,” “Sex and the City: The Movie,” and, later in the year, James Bond in “Quantum of Solace,” due out Nov. 7. Meanwhile, elsewhere in popcult, the popular children’s book adaptation “Dr. Seuss’ Horton Hears a Who” stayed at the top of the box office for the second weekend in a row, earning $25.1 million in ticket sales. New release “Tyler Perry’s Meet the Browns” took second place with $20.1 million.
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