On today’s Business Beat, Jeff takes a closer look at if, and how, we’re going to see a return to movie theaters.
Tune in to today’s Business Beat to learn more about the industry’s slow rebound back to pre-pandemic attendance:
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Good morning, Paul! With each passing day, we distance ourselves from what we all hope is and was the worst of the pandemic. And that we are now on our way to our new normal, which includes a mix of new ways of living, working and enjoying our lives as well as various beloved aspects of the pre-pandemic era that we just don’t want to let go of. And one such beloved way of life is the simple experience of going to see a movie at a local movie theater. So today on the Business Beat, we’re taking a closer look at if, and how, we’re going to see a return to movie theaters.
And here’s the latest: What appeared as a major bounce back in 2021 over 2020, the theatrical movie business experienced a doubling of its revenues, generating a total of $4.5 billion in sales in 2021 versus $2.2 billion in 2020. That’s according to the Motion Picture Association. And on the surface of it, that sure seems like good news, but a deeper look also makes clear that we are still way down. New data from comScore underscores this data from the Motion Picture Association, revealing that the total admissions to movie theaters increased to 470 million in 2021 versus 240 million in 2020. Now, by comparison, during the pre-pandemic period, total admissions were at 1.24 billion. So let’s hope now that Omicron is behind us, 2022 is the year we see movie theaters bounce back.
Here’s the bottom line: The theatrical movie business is indeed trending in the right direction in the post pandemic era, but given that it’s still down 61%, we are still down significantly from the pre-pandemic era and questions are beginning to rise about if and when things will ever get back to where we were. If we don’t, there’s no question that many theater operators will unfortunately be wiped out entirely. So 2022 becomes the pivotal year in this industry sector.
What are you doing this weekend? Go out and see a movie at your local movie theater, and let’s save this cherished icon of our local lifestyle experience opportunities.
I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.