Is the movie theater industry returning to its glory?
MINNEAPOLIS -- From the spy thriller "Mission: Impossible – Dead Reckoning Part One," to a historical epic in "Oppenheimer," to a fun twist on an iconic toy with "Barbie," summer blockbusters appear to be luring people to theaters.
There's often a struggle of sorts in the story arc of a movie. And if this summer's blockbuster stretch was its own film, then the actor and writers' strike in Hollywood would be the main conflict.
"That's the biggest hurdle facing the industry right now" said Paul Dergarabedian, senior media analyst for Comscore. "If actors cannot go out and promote their movies, that's a big hit to that marketing footprint and the ability to get the word out, particularly for high profile films with high profile stars."
It's the plot twist that box office analysts like Dergarabedian didn't see coming at the start of the year, but it hasn't wavered his optimism.
"I think the movie theater is absolutely returning to its former glory," he said.
One key metric is the number of big movies coming out.
In 2019, before the pandemic kept people out of theaters, there were 112 wide releases. That means a movie viewed in more than 2,000 screens, according to a study by The Cinema Foundation.
The number dropped to 71 wide releases in 2022. But this year, it's projected to jump to 107.
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"It's just a momentum business. And there's a lot of great movies on the slate and great movies out there right now," said Dergarabedian.
Getting people into theaters in the summer is crucial. The 18-week period from early May until Labor Day typically accounts for 40% of a theater's ticket sales and sets the pace for the whole year.
"I'm actually really optimistic," said Jesse Bishop, programming director for the MSP Film Society. The organization now runs the Main Cinema in Minneapolis as of 2021, showcasing indie films and blockbusters.
"There are more commercial films being made and that does allow us to be selective and kind of create a big tent for folks of all interests to come and have that movie experience," Bishop said.
That movie theater experience is evolving. The Main Cinema added beer and wine as a drink option recently.
A survey found 37% of theaters plan to add alcohol service in the next three years, 42% will add recliner seats, and at least half will upgrade their projectors and sound systems.
"Continuing to look at that evolution of technology is something that we'll always be doing at The Main," said Bishop, although he jokingly balked at the idea of steak dinner's being served at the theater.
All the upgrades and changes can be helpful, but Dergarabedian said it all comes down to the quality of the content.
"At the end of the day, the movie has to be great. Or you as the moviegoer have to think it's great, otherwise all that technology is for naught," he said.
The number of movie screens in the U.S. dropped by roughly 5%, or about 2,000, from 2019 to 2022.
Worldwide, it went up about 5% adding more than 11,000 screens during the same time span.
