Today, everything is changing, even the way we watch television , digital platforms and consuming material from them. Cinemas have come a long way since its beginning. This industry is lucrative and the producers, directors always have to keep up with new ideas, inventions for survival.This industry always evolved and adapted to new technologies, societal shifts, and cultural trends from the first silent movies to the most recent blockbusters.In recent years, we have seen a significant change in the manner that movies are made and distributed, as well as in how audiences are engaged.Through this blog we’ll explore some important trends which are influencing the cinemas as well as how filmmakers, viewers, and industry insiders are reacting to these shifts.
The Impact of the Pandemic on Moviegoing
The pandemic has resulted in a significant impact on the movie industry, with many people skipping the theaters at the peak of the pandemic. Even as restrictions on movement were lifted, some habits stayed on, and the popularity of at-home viewing has only continued to grow. In January this year, the average viewing time spent on consuming content on a smartphone, tablet or TV was over 80 minutes a day in the UAE, compared to an average of 25-40 minutes in January last year.
The Rise of Streaming Services
The rise of streaming services has been a clear illustration of the trend towards at-home viewing. Netflix, once a home DVD rental company, is now the leading force in over-the-top streaming services. Industry heavyweights such as Viacom and Disney are also launching their own streaming services, which will likely accelerate the trend of consumers choosing the comfort of their couches over heading to the theaters.
Controlling Demand over Controlling Supply
In the age of abundance, there is far more value in controlling demand than controlling supply. Movie theaters rely on controlling supply by deciding which movies to show and how many screens they will be on. Content streaming platforms, on the other hand, are all about controlling demand by going directly to the customers and owning that customer relationship with a superior user experience.
Improving the Customer Experience
To battle this structural disadvantage, movie theaters need to up their game and start improving the customer experience they offer. MoviePass, a theater subscription service that allows users to see one regular 2D movie every day for about $10 per month, is taking the industry by storm. However, it remains to be seen whether MoviePass can find a sustainable business model before burning through all its VC funding.
The movie industry has undergone significant changes in recent years, with the shift to digital filmmaking and projection and the rise of streaming services. The pandemic has accelerated the trend towards at-home viewing, and movie theaters need to improve their customer experience to compete with content streaming platforms. While MoviePass has gained popularity, its long-term sustainability remains uncertain.