Las Vegas (AFP) – Movie theater owners huddled in Las Vegas on Monday for their annual meeting, buoyed by optimism over the year’s strong start at the box office. CinemaCon, where film studios bring in their stars and offer a sneak peek at their upcoming slate, will serve as a stage to celebrate a 23-percent jump in takings year-on-year, in the industry’s best first-quarter performance since before the pandemic.
But it will also provide an opportunity to reflect on how to sustain the momentum in a year that could bring significant changes — such as the expected takeover of legendary studio Warner Bros.Discovery by Paramount Skysdance. “When you have consolidation of legacy studios, as we learned with Disney and Fox, the amount of movies produced goes down, prices go up, and we think that is bad for theaters,” Michael O’Leary, CEO of Cinema United, which organizes the gathering, told AFP last week. The trade group has voiced its concerns to US and international regulators, urging them to scrutinize the expected merger closely. “We continue to oppose this transaction (and) encourage them to look closely at this merger, because the consequences of it are serious,” he said.
– Demographic Shifts –
CinemaCon is set to draw a constellation of stars to the Colosseum Theater at Caesars Palace. This year, attendees can expect appearances from Zendaya, Matt Damon, Tom Holland, Timothee Chalamet, and Tom Cruise, as well as acclaimed director Christopher Nolan, who is behind the epic “The Odyssey” slated for release in July. Presentations by the traditional studios kick off on Monday, when Sony will reveal what it has in store for 2026.
CinemaCon, which runs until Thursday, will also serve as a forum to discuss some of the structural changes in movie-going habits that are affecting the industry. These include the shifts in audience habits engendered by the pandemic and the explosion of streaming, which has seen viewers choosing to stay on the couch. But they also include a surge in cinema-going by Gen Z, apparently attracted by the “authenticity” of the experience. A decade ago, filmgoers in the United States and Canada would frequently spend more than $11 billion annually at the cinema, but since the pandemic, the total take has not exceeded $9 billion.
This year’s string of big releases has sparked hopes that there could be a return to such lofty numbers. The opening weekend for Amazon MGM’s “Project Hail Mary” logged a healthy $81 million, and was followed up by “The Super Mario Galaxy Movie” with $131 million. Upcoming releases expected to do well include Michael Jackson biopic “Michael,” “The Devil Wears Prada 2,” “Star Wars: The Mandalorian and Grogu,” “Spider-Man: Brand New Day,” “The Odyssey,” and the third installment in the epic “Dune” series.
CinemaCon will also present awards for big-screen achievements to a diverse group of stars, including actor LaKeith Stanfield (“Atlanta”), rapper and songwriter Queen Latifah, and acclaimed director James Cameron. Catherine Laga’aia, the star of the live-action adaptation of “Moana,” will be recognized as the Breakthrough Star of the Year.
© 2024 AFP
