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NEWS > BUSINESS >MOVIE INDUSTRY ON THE VERGE OF COLLAPSE AFTER BAD CHRISTMAS SEASON
MOVIE INDUSTRY ON THE VERGE OF COLLAPSE AFTER BAD CHRISTMAS SEASON
December 28 2011
Hollywood, CA – There has never been an art form as popular, as prominent, or as influential as film. Other forms, such as stage, music, literature and painting, have all had major impacts, no doubt about that, but film has reached so far beyond the impact of those mediums, becoming the first form to appeal to a truly mainstream audience, undivided by things such as culture and class.
That, in turn, has made a lot of people very wealthy. Much of California itself, the entire state, exists because of the power of the movie industry and as global communications have increased, so too has the influence of movies. Eventually though it was inevitable that things would come crashing down, and that time appears to be now.
Despite massive successes like Harry Potter and Transformers this year, the movie industry is struggling, garnering its second lowest number of ticket sales since 1995, and things do not appear to be getting much better. With multiple Christmas flops and a continued decline in home video sales, many are starting to feel that the time for movies has passed, and despite billions and billions of dollars in revenue, want to get out while the getting is good.
“It’s terrible. People are being axed left and right and a lot of them are glad to go. Some people are hoping to get fired, collect severance, and move on with their lives. It’s looks all great on the surface, but like in any business if you aren’t going up, you might as well close your doors,” said one Hollywood insider. “I wouldn’t be surprised if
we see a lot of people exit Hollywood in very short order this coming year. Studios will close, lots will be abandoned. Ten billion dollars seems great, but it’s not all it’s cracked up to be.”
Cash revenue did drop slightly from last year but was buoyed by higher ticket prices, which some believe may in turn be causing people to stay away from the theatres in the first place.
It’s not clear how many studios will close in the coming year.
“Look, we all know prices are high but without keeping those numbers up, people will
just stop coming. People want to spend more money on movies, they want to feel like they are getting away from all the troubles of their normal lives, like going on a vacation and spending money allows them to do that. They don’t want to worry about money and spending more on movie admissions and popcorn allows them to do that,” continued the insider. “Most people are thankful that prices have continued to rise, but we are still seeing this decline which is really unsettling. I think, in the end, the only option is to keep raising prices across the board. That will really separate the men from the boys, so to speak, and bring dedicated people to theatres, and keep the numbers up of course.”
Most moviegoers have complained about high ticket prices in the past, but they aren’t considered the target audience for movies by the studios.
William Ashford, Business Correspondent
NEWS > BUSINESS >MOVIE INDUSTRY ON THE VERGE OF COLLAPSE AFTER BAD CHRISTMAS SEASON
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