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The second article, 'Avengers: Endgame' Might Be The Last Movie To Break The Opening Weekend Record (Box Office), written by Forbes senior contributor Scott Mendelson, forecasts the box office successes of major movie franchises. Mendelson predicts that given Based on seasonal movie attendance records, franchise-best debut box office numbers, and upcoming franchise installments, Mendelson surmises that Avengers: Endgame could mark the end of the modern blockbuster era. He attributes this predicted plateau of box office records to two main causes: many of the large movie franchises are coming to a close in the near future (Avengers, Star Wars), and there is more fragmentation than ever before “in terms of what [movies] people watch and how they watch [them].” The current business model of the movie theater industry is one that relies heavily on blockbuster revenue. If Mendelson is correct in his assertion that the blockbuster boom is coming to an end, the movie theater business could be in big trouble.
Based on my understandings of these articles, knowledge of the entertainment industry, and education at Northwestern University, I have come up with three recommendations for how movie theaters can succeed in this time of change:
- Experience > Convenience - Remind audiences of the immersive movie-going experience exclusive to theaters, an experience that cannot be re-created from your living room couch.
- Capitalize on Limited Releases - Appeal to today’s fragmented market through eventized screenings of films with limited theatrical releases.
- Capitalize on Competition - Streamers are fostering the creation of a new generation of cinephiles, your best customers.
With these three action items in mind, movie theater owners can thrive in the age of digital distribution.
Kendall Young is a senior at Northwestern University where she studies Radio/Television/Film and Integrated Marketing Communications. She is fiercely passionate about the changing television landscape and is an avid believer in using the power of data and audience analysis to inform creative decisions. In her free time, you can find her listening to true crime podcasts with her dog, Kylie.