CinemaCon in Las Vegas this year showcased the successes and challenges faced by movie theater owners in the industry. The success of movies like “Barbenheimer” brought in nearly $2.5 billion in combined ticket sales, but industry leaders are aware that they need a variety of films to survive. They stressed the importance of a strong market for movies with smaller or medium-sized budgets in addition to blockbusters to appeal to a wide range of moviegoers.
The event highlighted the optimism about the future of cinemas and the industry’s ability to evolve in the face of challenges like streaming and piracy. Michael O’Leary, the president and CEO of the National Association of Theater Owners, emphasized the need for more investment in the industry as a smart investment that benefits creatives, studios, exhibitors, local communities, and movie fans. The event also showcased upcoming films from major studios like Warner Bros., Universal Pictures, Paramount, Disney, and Lionsgate to generate excitement among audiences.
The year 2023 saw a mix of successes and challenges for movie theaters, with the box office experiencing a 20% increase from the previous year in the U.S. Hits like “Oppenheimer” and “Barbie” were joined by surprises like “Five Nights at Freddy’s” and sleepers like “Anyone But You.” The industry also saw successful innovation, such as Taylor Swift and Beyoncé’s concert films released in partnership with AMC Theaters and Toho studios self-distributing “Godzilla Minus One.” However, there were also flops and disappointments in certain genres like superhero movies, while streaming entertainment continued to be a strong competitor.
As the industry continues to recover from the pandemic, theater owners and studios are facing a changed pipeline of films in 2024 due to work stoppages caused by Hollywood strikes. Charles Rivkin, the chairman and CEO of the Motion Picture Association, emphasized the importance of film production in the U.S. and the impact it has on communities and jobs. He also highlighted the need to combat piracy, which costs theaters over $1 billion at the box office, and expressed his hopes for Congressional support for “site-blocking” legislation.
Overall, industry leaders at CinemaCon expressed optimism and a belief in the industry’s ability to adapt and thrive in the face of challenges. O’Leary emphasized that inflection points like these present opportunities for growth and that the future of the industry is limitless. The event served as a platform to showcase upcoming films and technologies in cinemas, while also emphasizing the importance of diversity in film offerings and the need for continued investment and support for the industry.
