In spite of all the blockbusters that released in 2014, movie theater attendance actually took a dive. According to a recent report from PricewaterhouseCoopers, the number one contributing factor to box office declines is the rise in ticket prices. Movie goers expect to get what they pay for, but in their minds, they’re paying more for the same experience that they’ve always had.
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There are still plenty of people going to the theater every month, but the mentality of the average consumer seems to have shifted in recent years:
“When asked how movie theaters have changed in the last five years, consumers responded with twice as many negative comments as positive. Soaring ticket prices was, by far, the number one reason for dissatisfaction across all age demographics by movie-going frequency. Despite efforts by theaters to provide better seating, advanced technology and improved concessions, price remains a pain point.”
PwC
doesn’t think that this decline spells the beginning of the end for the film industry, but concedes that theaters are going to have to work harder in the coming years to convince the consumers who have been avoiding the theater to give it another go.
After all, if The Interview is any indication, a movie can still be successful even without a wide release, especially with the right publicity. PwC notes that 87% of participants in its survey said they would be willing to pay $20 a month to watch unlimited movies at home. Much to the chagrin of the theaters, that vision of the future isn’t too farfetched.
