Blockbusters alone are simply not enough
At CinemaCon, theatre owners focus on what’s next in moviegoing
Movie theatre owners are still feeling the high from The counterprogramming of and brought audiences to cinemas around with the world, ultimately earning nearly $2.5 billion in combined ticket sales. But gathered in Las Vegas this week for the annual CinemaCon convention and trade show, they’re also acutely aware that 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.” That means “a strong and vibrant market for movies with smaller or medium sized budgets.”
At CinemaCon, Hollywood studios, exhibitors and tech companies come together to preview what’s next in moviegoing, from the films that they hope will get audiences to the theatres to the latest and greatest in snacks, seating and projection. On stage, the message is (by design) optimistic about the future of cinemas and the industry’s capacity for evolution. Whether it’s streaming, piracy, VHS or television, the leaders in the filmed entertainment industry are always quick to remind that their business has survived its share of existential crises: Someone is always forecasting its demise.
O’Leary made a plea to “our friends in the financial industry” to invest more capital into the system, calling it a “smart investment” that benefits “creatives, studios, exhibition, local communities and, most importantly, movie fans.”
Studios including Warner Bros., Universal Pictures, Paramount, Disney and Lionsgate will all take the big stage at Caesar’s Palace to show new trailers or footage from their biggest upcoming films, from to
sometimes with the help of movie stars, to stoke excitement in the people who will put these films in their theatres.
2023 was a rollercoaster year for movie theaters. The overall box office was up 20% from the previous year in the U.S. There were hits, like and of course, and other notable successes from traditional studios, like The Super Mario Bros. Movie, Spider-Man: Across the Spider-Verse, Wonka and Guardians of the Galaxy Vol. 3.
There were also moments of successful innovation, including Taylor Swift and Beyoncé’s groundbreaking partnership with AMC Theaters to release their concert films, circumventing traditional studio middlemen.
But there were flops and disappointments too, and some of the tried-and-true genres like superhero movies proved to no longer be the industry supporting tentpoles that they once were. In 2024, theatre owners and studios are also having to grapple with a changed and somewhat depleted pipeline of films following the work stoppage caused by the dual Hollywood strikes.
But O’Leary said that a “great reimagination” is 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.”
In 2024, theatre owners and studios are grappling with a changed pipeline of films