Despite the predominance of Netflix and other streaming services, movie theaters across the United States are reported to have had their optimal summer since 1998.
According to statistics from comScore, an analytics and media measurement think-tank, North American cinemas enjoyed the most significant percentage returns in two decades.
With over 14 percent surge in ticket sales this summer, the movie theaters benefitted from the blockbuster performances of Disney films like “Avengers: Infinity War” and “Incredibles 2.”
This achievement is said to offset the losses from the disenchanting summer of 2017. Phil Contrino, a representative from the National Association of Theatre Owners, remarked that it is undoubtedly an exaggerated belief to say that streaming services are overpowering cinema-going.
This is apparently true because with the summer season officially ending in mainland United States on Labor Day weekend, it has been expected that streaming service providers like Netflix and Amazon Prime Video will win against the movie theaters.
However, a different picture was painted as families and their children, who were on the final stretch of their summer vacation, relished their time at the cinemas.
The revenues from summer movie ticket sales can be variable. This is because they are always reliant on the performance of the expensively produced films.
In 2017, when few major movies failed to meet the expected profits, movie ticket sales dropped at 14 percent, too.
Based on the figures from Box Office Mojo, there is an unequal share of profits among studios. Some major ones are not financially performing well. The studios which are riding high are Paramount, Universal Pictures, and Disney which has almost doubled its ticket sales from 2017.
This year, together with Disney blockbusters are other best performers in the box office like “The Meg” and “Crazy Rich Asians.”
Analysts are increasing their predictions for the entire 2018, given the summer season’s yielding of higher profits. After predicting a monotonous 2018 before, Leo Kulp, RBC Capital Markets’ analyst, forecasted a full-year headway of five percent, ending up at a record.
Therefore, in spite of Netflix and the other major streaming services making indelible progress in the entertainment sector, cinemas are still relevant through the aid of movie studios producing blockbuster films and perhaps the moviegoers’ desire for the community feeling.