Cinema owners are still riding high from “ Barbenheimer.” The simultaneuous release of “Barbie” and “Oppenheimer” brought audiences to cinemas around the world. Ultimately, the phenomenon generated nearly $2.5 billion in combined ticket sales.
However, when cinema owners gathered in Las Vegas this week for the annual CinemaCon and trade show, they expressed acute awareness of their predicament. They need more than two movies to survive.
“It is not enough to rely solely on blockbusters,” said Michael O’Leary, the president and CEO of the National Association of Theater Owners. “To have a truly successful filmed entertainment industry, a variety of movies that appeal to movie goers is critical.”
On Tuesday, O’Leary called for “a strong and vibrant market for movies with smaller or medium sized budgets.”
O’Leary pled for “our friends in the financial industry” to make a “smart investment” for “creatives, studios, exhibition, local communities and, most importantly, movie fans.”
“We know that a movie that begins its journey with theatrical exclusivity is more successful in every subsequent ancillary platform,” he added. “This should appeal to people who want as many film fans as possible to see their movies, but also to people that want to make money.”
O’Leary announced that a “great reimagination” was already underway.
“Inflection points like these are moments of opportunity,” he added. “And this last year has shown me that the future of this industry—indeed, the state of this industry—is limitless.”
2023 was an up-and-down year for the movies. Box office revenue went up 20 percent from the year before. It surpassed $9 billion… but it was $11 billion before the pandemic.
The Associated Press contributed to this article.