Movie Theaters ‘Aren’t Going Anywhere’ But Must Evolve | PRO Insight

Tien Tzuo
·1-min read

When Warner Bros. announced that its slate of 2021 movies would all be released on HBO Max the same day they hit theaters, Hollywood flipped out and declared the death of cinema. Film director and writer Christopher Nolan responded to the news by saying, “Some of our industry’s biggest filmmakers and most important movie stars went to bed the night before thinking they were working for the greatest movie studio and woke up to find out they were working for the worst streaming service.” But Tinseltown has always had a flare for the dramatic. Personally, I do not believe movie theaters are going anywhere. Instead, they will finally be forced to evolve from an antiquated business model based on overpriced popcorn. Also Read: Leaders of the SPAC: Why Hollywood Is Hot for Blank-Check Companies Currently, theaters only get to pocket 50% of the revenue from ticket sales. They make the rest of their profit from concessions, of which they get to keep about 80% of the revenue. The whole theater experience is designed around this — emphasizing visuals and layouts around food areas and trying to encourage customers to spend as much money on snacks as possible, even making candy...

Read original story Movie Theaters ‘Aren’t Going Anywhere’ But Must Evolve | PRO Insight At TheWrap