The event will be attended by over 3,000 theaters with over 30,000 screens, including major chains such as AMC and Regal. (In 2020, about 5,800 sites had about 41,000 screens, according to the most recent data available from the National Association of Theater Owners.)
Cinema Foundation President Jackie Brenneman said in a news release that the event is a “thank you” and motivation to moviegoers who have made this summer a relative success. For those who haven’t returned to theater. The news release does not specify how or whether studios or cinemas will be compensated for the discount.
As of this weekend, it has an estimated domestic box office of $5.3 billion in 2022, according to data from media measurement and analytics firm ComScore. That’s a 161% increase from this time last year.
The National Cinema Day offering comes after the coronavirus pandemic closed many theaters and authorities tried to slow the spread of covid-19. Even the once-credible family-movie genre saw its box office take a hit last summer when the Delta variant took the nation by storm. Financial difficulties have continued to plague the industry even after vaccines and boosters have become available. The Associated Press reported last week that Cineworld, the British company that owns Regal Cinemas, said it was considering filing for Chapter 11 bankruptcy in the United States to address debt and vacancies.
However, recently there has been a glimmer of hope for film participants and industry professionals.
Subscription service MoviePass has announced that it is back after declaring bankruptcy in 2020. Moviegoers have more options to visit their local cinema than in the past two years.
Ticket sales have increased since 2021, but have yet to return to 2019 figures.
National Cinema Day is a fitting celebration for the “unbelievable summer movie season.”
“It’s a great way to bring the industry together,” he said, noting that the 2021 box office was below previous levels. “This summer, with Top Gun: Maverick, Doctor Strange and Jurassic World Dominion, the film industry can prove to the world that the cinematic experience is here to stay.”
Amid theater closures and sluggish attendance, Paramount Pictures moved up the release date of “Maverick” from November 2021 to May of this year, and Disney’s Marvel Studios announced plans for “Doctor Strange in the Multiverse of Madness.” We postponed the release from last fall to March.
“We, the cinema industry, are still making a big comeback. It’s been months,” Dergarabedian said. “Maybe next summer we’ll be back in a more normalized market.”
According to David A. Gross, a box office analyst and director of film marketing consultancy Franchise Entertainment Research, this summer will see a significant increase in planned major events compared to the pre-pandemic period. About 30% fewer hit movies.
Gross said “Maverick,” “Elvis,” and “Thor: Love and Thunder” provided some of the strongest stretches of bankable cinema since the pandemic began.
He estimates that the combined domestic box office numbers for August and September will reach 45%. lower than the same growth in 2019.
According to Gross’ LinkedIn profile, who worked as a marketing executive for 20th Century Fox in the early 1990s, the National Cinema Day deal was made at a time of declining movie attendance and sluggish movie schedules. It is said that it was done.
“Is doing Some kind of special offer to bring people in doesn’t revolutionize the business or change the big picture,” he said.
But the $3 deal is a good way to get more people into movie seats and shop for merchandise at the concession stand, Gross said.
According to Gross, a recovery in movie appreciation and box office returns will depend on film schedules and looks promising in the coming months.
Steven Zeitchik contributed to this report.
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