Movie theaters adding upscale services to compete with Netflix
FOX Business’ Robert Gray on how some movie theaters are trying to compete against streaming services.
Movie theaters are trying to compete with streaming services offering their own premium experience for audiences.
Streaming services such as Netflix continue to spend a lot of money to provide high-quality content to consumers. Analysts and Cinépolis Luxury Cinemas officials tell FOX Business’ Robert Gray that some of the heaviest diehard Netflix streamers are also some of the most avid moviegoers.
“People that like to see content will see it either at home when they want to stay or a theater, but the thing is you have to have a theater that has the amenities for them to have an excuse to go out of their homes,” Cinépolis USA CEO Luis Olloqui said.
The National Association of Theatre Owners reported box office record numbers with almost $12 billion in 2018. However, attendance peaked 15 years ago and has been in a downtrend ever since with higher ticket prices keeping those figures elevated.
CLICK HERE TO GET THE FOX BUSINESS APP
Cinépolis Luxury Cinemas offers a high-end entertainment experience with leather recliners, gourmet food and drinks brought to you at the touch of a button. Premium experiences command premium prices with moviegoers expected to pay as much as $27, triple the national average of $9. This particular theater does offer discounted tickets for a matinee at $15.