12/30/2023 0 Comments Korean movies in theaters nowThis is a huge win for filmmakers everywhere. This, in turn, helps reduce risk and subsidizes the riskier, less commercial independent movies. For the distributors and theater chains it’s a much more stable, predictable revenue stream, which in turn, smooths out the revenue bumpiness of big-hit movies versus big bombs. “Everyone is moving to subscriptions in entertainment,” says Stephan Paternot, co-founder and CEO of online film finance marketplace Slated. To combat this, theater chains have realized the monthly subscription model could also work for them. Though box office revenue in North America last year hit an all-time high of nearly $12 billion, it has declined this year, with cost and content quality a factor. Netflix started the streaming ball rolling with at-home streaming services in 2007 and then in July 2011, MoviePass started its service with an initial beta test in San Francisco, with the hopes of letting people see a movie a day for a monthly fee in an effort to become the “Netflix of movie theaters.” Stateside, 34% of respondents said they planned to go with more subscription services by 2020. This was followed by Spain (42%), Italy (40%) and Singapore (38%). In China, 53% of respondents said they would. In 2018, analysts at eMarketer researched how many internet users worldwide believed they'd be using more subscription services within two years. “Theater chain revenues will soar with subscriptions and also bring the potential to sell analytics data and fulfill the failed MoviePass business plan.” “Netflix has proven that the American appetite for subscription-based entertainment has only just begun and is actually lagging behind China, Spain, Italy, Singapore and New Zealand,” says Chief Attribution Officer at C3 Metrics, Jeff Greenfield. Amazon Prime Video, Hulu and the soon-to-be streaming services from Apple and Disney, in addition to the fact home setups are becoming more affordable, is forcing theater chains to update the way in which they do business. Netflix got us hooked on paying for our entertainment à la carte on a monthly basis and this is what younger generations are now used to. Cinemark, the third-largest theater chain in the U.S., allows its moviegoers to pay $8.99 a month for one free ticket, as well as discounts at the concession stand and other perks.
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