Movie attendance in 1974 went up by 16.9%. In 1982, the US economy tightened by 1.9% against the previous year, while box-office collections rose as high as 16.4%, movie attendance was up by 10% (blockbusters? ET: The Extra-Terrestrial and Porky’s). In 2001, economic growth slowed to 0.8% as compared to 2007. Box-office collections conversely mounted by 9% and movie goers went up by 4% (hits: The Mummy Returns and Ocean’s Eleven).
The beginning of 2008 again has shown a slip in
the economy, with consumer spending for the month of Feburary up by a mere 0.1%. In contrast, Michael Brush, an award-winning New York financial writer, has quoted the movie attendance of Q1, 2008 to be up by 4.5% as compared to last year. “Movies offer something completely separate from what you are dealing with day to day. So they really become worth the money when money counts,” offers Jeff Blake, Vice Chairman, Sony Pictures Entertainment. The reasoning? As recession approaches people seek refuge from reality. Says Marino Marin, MD, Gruppo, Levey & Co., “Consumers cut back on purchases during recessions but shift discretionary spending money to affordable activities like movies.”
So, the Writer’s Guild strike may have hurt the studios and hurt them where it hurts the most, but the good news is that they have a fair chance to recover their monies this coming summer, thanks to the recession and its bizarre anomalies!
The beginning of 2008 again has shown a slip in
the economy, with consumer spending for the month of Feburary up by a mere 0.1%. In contrast, Michael Brush, an award-winning New York financial writer, has quoted the movie attendance of Q1, 2008 to be up by 4.5% as compared to last year. “Movies offer something completely separate from what you are dealing with day to day. So they really become worth the money when money counts,” offers Jeff Blake, Vice Chairman, Sony Pictures Entertainment. The reasoning? As recession approaches people seek refuge from reality. Says Marino Marin, MD, Gruppo, Levey & Co., “Consumers cut back on purchases during recessions but shift discretionary spending money to affordable activities like movies.”So, the Writer’s Guild strike may have hurt the studios and hurt them where it hurts the most, but the good news is that they have a fair chance to recover their monies this coming summer, thanks to the recession and its bizarre anomalies!
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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