Desperate for Profits and Souring on Streaming, Hollywood Falls Back in Love With Movie Theaters
variety.comThe Super Mario Bros. Movie.” And Logan, who owns Logan Luxury Theatres in rural South Dakota, is back in the black after enduring two years where profits vanished while studios failed to furnish enough big movies to play. “It’s nice,” he says. “We don’t have to reassure our bankers every time we meet for coffee.” Logan’s theaters aren’t the only ones experiencing a dramatic change of fortunes.
Overall, the domestic box office stands at $2.3 billion, up 36.8% from the same period last year and an astounding 589.5% improvement over 2021, according to Comscore.
The exhibition industry is finally looking like its pre-pandemic self again. That’s partly attributable to studios releasing new installments of successful franchises, but it is also linked to a shift in attitude among the major media companies when assessing the value of a theatrical release.
In recent years, Hollywood had a serious case of Netflix envy, with studios opting to launch their own streaming services. To do that, they amassed a lot of red ink building splashy streaming shows and shrunk the amount of time that movies screened exclusively in cinemas as a way of generating enthusiasm for the likes of Disney+, Paramount+ and HBO Max.
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