Try as they might, it looks like no superhero Hollywood creates is going to be able to save them from a precipitous drop in box-office revenue.
According to a report by Bloomberg, the world’s largest cinema chain, AMC Entertainment Holdings Inc., has announced a lower-than-expected revenue projection for their North American box office, and that announcement has spearheaded a massive theater stock shakedown, with the top four North American cinema chains losing upwards of $1.3 billion in stock value.
So far, in 2017 movie receipts are down 2 percent and AMC has taken a 1.5 percent hit. While the upcoming “Star Wars: The Last Jedi” will certainly help matters, the overall trend isn’t great.
The news comes after a series of “flops” that include EuropaCorp’s “Valerian” and Warner Bros.’ “King Arthur” as well as lower-than-expected performances from formerly successful franchises featuring Marvel superheroes, the Transformers, the Mummy, and even Captain Jack Sparrow.
And it’s worse than just the dollar amounts, because ‘butts in the seats’ have been declining for years, with revenue being made up with raised ticket prices. That trend can’t continue. Further, services like Netflix and video-on-demand have made movie-going a less than viable option for many.
Perhaps this is simply cyclical, as Bloomberg Intelligence analyst Paul Sweeney states:
“This is very typical of the movie business,” said Sweeney. “You could make the argument that the slate for next year looks really good, which should grow the market next year in North America. That part’s a cyclical thing, and it’s likely to come back.”
Hollywood hopes to reverse the trend in 2018 with another Avengers film, a Star Wars franchise movie about Han Solo, and sequels to “Jurassic World” and “Deadpool,” but the overall outlook isn’t great.
But then again, people could simply be tiring of the tired products Hollywood keeps churning out, not to mention the annoying, incessantly liberal celebrities who keep showing up on the silver screen.
— Mimi Chris (@MMassalas) August 2, 2017
— A Jay (@Musclecar42100A) August 2, 2017
Still not low enough ? I will never go to the movies again nor do I even watch any I own or on TV….Not giving them any of my time ?
— Sarah (@pinkcarrera123) August 2, 2017
Yay! My boycott list is so long, I hardly watch anything anymore. Shut up and perform. That’s why you’re paid!
— Amanda Zayas (@AmandaZayas7) August 2, 2017
Get the message yet Hollywood? We don’t care what you think.
— Larry (@Larry_in_Ohio) August 2, 2017
Looks like boycotts working Keep it up #TrumpTrain Hitting their wallet is the single most effective activism against that enemy right now?
— mojave rattler (@PennyHicks13) August 3, 2017
Op-ed views and opinions expressed are solely those of the author and do not necessarily represent the views of BizPac Review.
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