Tuesday, September 8, 2020

Netflix Needs Cinemas and Cinemas Need Netflix

Netflix Needs Cinemas and Cinemas Need Netflix

The long months of the #lockdown caused by the COVID-19 pandemic left movie theaters closed and millions of movie-goers had no other choice, except the Hobson's Choice of sitting in the comfort of their homes binge watching movies, series and other shows on OTT platforms and cable TV channels. Netflix, the most preferred streaming video service since 2007 attracted more subscribers than ever before. Both the major film production studios and  movie theatre chains have been apprehensive of the  popularity of Netflix and feared that it will reduce the populations of movie-goers. But they were wrong, because before the COVID-19 pandemic, movie theaters had a record breaking year in 2018 from Nigeria to North America.
The revenues from tickets sold were about US$12bilion in North America.
According to the Motion Picture Association (MPA) , the number of tickets sold was more than 1.2 billion tickets, representing a 4.8 percent increase over 2017.

For last year 2019, the global box office reached  $42.2 billion and total global entertainment spending topped $101B (+8% over 2018) across theatrical, home and mobile entertainment services.
Selling tickets online increased the numbers of movie-goers and the average cost per ticket reached $9.14, the highest ever.
The major movie theatre chains have affordable subscriptions offering more movies to watch weekly and monthly and they are attracting more movie-goers.

Netflix and other streaming services know that no home entertainment can replace the unique cinematic experience of the Big Picture in the movie theatre. The difference is clear.
I love the awesome effects of 4DX cinema which you cannot have on TV or video.

Lest we forget, Netflix bought the Paris Theatre in Manhattan in NYC and the Grauman's Egyptian Theatre in Hollywood to show films by Netflix and other producers.

By Ekenyerengozi Michael Chima,

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