Box Office Trends

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Box Office Trends Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS Video Killed The Radio Star: But It Hasn’t Killed Movie-Going With new innovations and 20 choices in home entertainment Domestic Box Office Admissions per Capita over the past 50 years, you (1965-2013) might guess that moviegoing is Admissions per Capita1 waning. However, despite the introduction of video in the 15 Admissions per cap 1970s, DVDs in the 1990s, Home entertainment advancements growing broadband penetration Cinematic experience and DVRs, Americans go to the advancements movies about as often today 1998: – 4-5 times per year – as they 10 20% of Adults use 1975: Internet at home did in 1965. Jaws begins trend towards blockbusters 2000: Non-anaglyph Broadband That’s not to imply that the film 1972: 1978: 1997: 3D theatrical films Penetration > 5% HH Pay cable Introduction Introduction and digital industry is a steady business. introduced of VHS of DVD cinema penetrates While annual box office 5 admissions have held between 4-5 for 50 years, a shift of even one movie admission per capita Early 1990s: Late 1990s: 2004: 1968: 1971: 1978: Digital Megaplex DVRs > 5% HH is significant. Box office 78 million Dolby sound TV penetration: 98%; developed rollout TV sets in US introduced Color TV penetration: 78% admissions are currently on a downswing, having declined 0 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 ~2.6% per year since 2002. Note: 1Per capita admissions calculated using entire U.S. population; MPAA-reported admissions per cap calculated using age 2+ U.S./Canada population Source: NATO, Box Office Mojo, MPAA, National Academy of Engineering, L.E.K. analysis How have box office revenues fared? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS Up The Down Staircase: Movie Receipts Rise 20% – Movie-Going Falls 15% 11 10.8 10.9 2.0 North American ticket sales 10.6 10.6 have dropped from 1.57 billion U.S. Box Office Revenues 10.2 10 in 2002 to 1.34 billion in 2013, And Admissions (2000-13) 9.6 9.6 9.3 a cumulative decline of 9.1 9.2 9.2 9 approximately 15% in just over 8.8 a decade. (There’s even a slight 8.1 1.5 8 Billions of Tickets acceleration in annual decline 7.5 in recent years.) But box office 7 revenue has increased, rising from 2000-2009 and remaining 6 stable from 2009-2013. Box Office 0.5 5 Admissions You probably know why box office is up – it’s higher ticket 4 prices. Some have attributed the admissions decline to 3 increasing prices, but a 3% 1.0 Billions of Dollars increase a year is in line with 2 other products. So what is it? 1 0 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Box Office Mojo, MPAA, the-numbers.com, L.E.K. Analysis How does the economy affect ticket sales? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS Does A Recession Affect Ticket Sales? If You Film It, They Will Come 7 50 Despite recent declines in box office admissions, evidence Admissions per Capita1 shows that recessions don’t And Real GDP per Capita Real GDP per Capita (1970-2013) (right scale) really affect the cinema business. In this chart, the yellow bars call 6 Recessionary Period 40 out the recessionary periods in 2002-’13 Trendline the last 45 years. The gray line is the GDP per capita, showing a relatively steady increase of 5 30 1.8% per year since 1970. The erratic red bar shows the Avg = 4.7 number of movies attended per person in North America, 4 20 clearly indicating no correlation Admissions Per Capita between admissions and (left scale) GDP, or even admissions and recessions. 3 10 Admissions Real GDP We all tighten our belts a little per Capita per capita and watch our spending in $K in 2009 dollars tougher economic times. But if that alone is not the major 2 0 factor impacting the recent 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Note: 1Per capita admissions calculated using entire U.S. population; MPAA-reported admissions per cap calculated using age 2+ U.S./Canada population decline, what is? Source: MPAA, Box Office Mojo, NATO, BEA, U.S. Census Bureau, L.E.K. analysis What other factors affect ticket sales? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS It’s A Mad, Mad, Mad, Mad, World: Despite Less Admissions, A Mad Increase In Movies and Movie Budgets 800 Movie production is up from 773 557 in 2009 to 773 in 2013 (8% U.S. Film Releases by Other1 Major Subsidiary growth per year). But major 700 Studio Type (2009-13) 677 studio releases are down from 111 Number of Films Major(MPAA) to 84, and all the growth came 609 600 from independent and mini-major 557 563 releases. The vast growth in non- major studio films did not replace 500 the lack of major releases. 659 400 549 468 Note also that the studios spent 399 422 far more per movie in this period. 300 The number of movies with production budgets over $100 200 million rose from 72 in 2009 to 108 in 2013. 47 37 37 34 100 30 111 The bottom line: Lifts in 104 104 94 84 production budgets and the surge 0 in independent films has not made 2009 2010 2011 2012 2013 up for the cuts in major studio 72 90 97 95 108 releases. # of Films with Production Budgets > $100M Note: 1Includes independent and mini-major studios Source: MPAA, the-numbers.com, IMDB, L.E.K. analysis How have exhibitors counteracted the declining volume of their product? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS A Star Is Born: Why Movie Ticket Prices Shot Up Between 2001 And 2009 9 Rising ticket prices have been a key factor in higher box office Average Ticket Price revenues, and 3D releases are 8 (2001-13) an important contributor. At Dollars one point, 3D was heralded as 7 the savior of movies at the box office. Recently, though, admissions have been declining 6 and growth in ticket prices 3-D movie ticket sales has tapered off over the last 5 decreased in 2011, resulting in limited growth 3-4 years. in average ticket prices 4 While there is no denying 3D has a significant impact on the industry, what exactly has this 3 impact been and what does it look like going forward? 2 1 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Note: 1Forecast CAGR assumes growth consistent with years 2001 through 2013 Source: National Association of Theater Owners, Morgan Stanley, L.E.K. analysis How has 3D affected the industry? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS Houston, We’ve Got A Problem: The 3D Growth Run May Be At Or Near Its End 40 The increased availability of 3D movie releases helped drive Non-digital movie ticket price increases, 35 but the upside potential may U.S. Theater Screens (2000-13) be limited. In the five years 30 Thousands of Screens prior to 2011, exhibitors added nearly 13,000 3D screens in anticipation of demand. Since 25 2011, exhibitors have only Digital, non-3D increased capacity by ~1,500 20 3D screens. 15 International markets may exhibit different dynamics, given some under-penetrated 10 markets. For a full debrief, 3D visit our series on international 5 trends coming shortly. 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 N/A N/A N/A N/A N/A 0% 9% 21% 26% 44% 53% 50% 41% 39% 3D as % of Digital Source: MPAA, The Hollywood Insider, L.E.K. analysis Where does 3D go from here? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS Ground Control To Major Tom: 3D Movie Production Skyrocketed, Then Faltered 7.5 7.4 Studios and producers ramped 7.0 3D Percent of All Film Releases up production of 3D movies 6.8 significantly in 2009-2010, (2002-13) 6.5 Percent reaching a peak in 2011 with From 2010 to 2011 45 releases (7.4% of all film 6.0 box office revenues from 5.9 3D films declined 20% releases). 5.5 to $1.8 billion even though the number of 3D releases increased nearly 5.0 As you can see, 3D releases are 75% from 26 to 45 4.6 down from 2011. What are 4.5 consumers saying about the 4.0 From 2009 to 2010, the value of 3D and whether 3D amount of box will grow going forward? office revenues from 3.6 3.5 3D films doubled, rising from $1.1 billion 3.0 to $2.2 billion 2.5 2.0 1.5 1.3 1.3 1.2 1.0 1.0 0.5 0.4 0.4 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: MPAA, the-numbers.com, IMDB, PWC: Entertainment & Media, L.E.K. Research and Analysis What’s the value and growth potential of 3D? » L.E.K. Consulting / February 2015 LEK.COM Executive Insights | SPOTLIGHT ON MEDIA & ENTERTAINMENT BOX OFFICE TRENDS Caught In A Celluloid Jam: 3D Is No Longer The Box Office Draw It Once Was 120 Studios’ enthusiasm for 3D in 2009-2011 has since cooled.
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