Hollywood’s Record Breaking 2011 Summer
As many film buffs will tell you, the 1930s were one of Hollywood’s golden ages. Not only were classic and timeless films produced and admired, but attendance contradicted the economic uncertainty of the Great Depression. While the country as a whole suffered economically, movies were at a peak.
Today’s economic woes don’t compare to the 1930s but many Americans certainly are concerned. That concern, however, does not seem to be showing up in movie theaters. Once again, attendance is at a peak. And this strong financial impact of movies despite a tough economy is continued evidence of the importance of the film industry for Louisiana. In fact, now is a great time to contact FBT Film & Entertainment if you are considering producing a movie in Louisiana, known as Hollywood South.
Are the movies recession-proof?
Hollywood is headed for a record-breaking 2011 summer. Proving that movies are likely recession-proof, ticket sales in the United States and Canada will finish about 5% higher than a year ago. In part, the industry can thank movies like Green Lantern, filmed in Louisiana, the last Harry Potter movie, and bawdy adult comedies like the Bridesmaids.
Green Lantern The Movie – Filmed in Louisiana
Estimated income from U.S. and Canadian ticket sales through the weekend of August 13, 2011 was $3.8 billion. Attendance was up 2.8% over last year. Industry experts estimate final summer tickets sales at about $4.5 billion, which will be the highest summer ticket sales ever.
The summer season is measured from early May through Labor Day in September. This is always a very good time period for the industry with about 40% of yearly box office receipts coming in. With such a strong summer, despite continuing negative economic news, movie industry executives are feeling very good about those results.
Hollywood Challenges Consumer Spending
The data on consumer spending throughout the United States is not particularly good right now. Consumers are pulling in their horns, so to speak. They are still in the process of deleveraging and are very cautious about where and how they spend their money. This summer consumers have spent less and saved more. They are concerned about their retirement savings, about inflation and the possibility of a double-dip recession.
Yet, movie attendance has long been thought of a way that consumers take their minds off those concerns. It is an escape from everyday news and this summer also a cool place to relax and have a bit of fun.
While economic woes can possibly have a positive effect on movie attendance, industry experts believe that attendance is primarily related to the quality of movies in theaters at any one time.
Producers and directors can concern themselves with making good movies and not worry about the economy.
For more information about movie making in Louisiana and financing, contact FBT Film and Entertainment.