With the rise of streaming services like Amazon Prime and Netflix, people are spending less time at movie theaters. For some theater chains, this has meant a decline in attendance that is dangerously close to making them unprofitable. It's not clear if there will be any way for theaters to survive in this new world where technology reigns supreme. To learn more about the future of movie theaters we reached out to industry experts and compiled their thoughts on what needs to happen for Movie Theater survival in an Amazon and Netflix World!
How are movie theaters surviving in this Amazon and Netflix world?
Ronald A. Wurtzel, Partner at law firm Polsinelli said: "Movie theaters are holding their own in this environment by offering up a premium experience that is not available from the home."
"Theaters have also been able to innovate with different types of programming including live performances and attractions like rides or interactive games for kids," said Anil Dhanda, CEO of Muvico Theaters.
Dana Settle-Petersen, Director of Marketing & Communications at Cinemark Entertainment Inc.: "Cinemark's average ticket price has increased over time as it continues to invest in technology such as larger screens and more comfortable seating within our auditoriums."
George Jobson, President/CEO Hoyts Group: "The key to success for movie theater chains in the future will be a combination of new innovations, such as immersive experiences and an emphasis on creating programming that is not available at home."
Michael B. McCauley has been quoted saying about how theaters can survive Amazon and Netflix World "We need more than just big screens with great sound systems. We also need good programming which includes premieres, festivals and events where people want to come together live."
Ronald A. Wurtzel from Polsinelli said- “Movie theaters are holding their own in this environment by offering up a premium experience that is not available from the home”
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Theaters need to find ways to compete with their online counterparts. Some theaters have started offering a la carte options that allow for people to select the movies they want to see. Other theaters have begun hosting special events such as live concerts, art exhibitions, and Q&A sessions with filmmakers. Movie theater chains can also offer discounts on concessions.
If you buy your ticket ahead of time or become a member of their loyalty program. There is no one single answer for how movie theaters will survive in this Amazon and Netflix world. But there are many different strategies that could be used by theater owners today.
Conclusion
The future of theaters remains uncertain, but one thing is for sure. Moviegoers want to go out and experience a movie in the theater with their friends or family. They don't just want to stay home and watch it on TV. Like they would do if they were renting a film from Amazon Prime Video or Netflix. With that being said, there are some things theaters can do to make themselves more appealing than these streaming services. Most notably by providing an immersive experience that cannot be replicated at home (think 4D cinemas).
