Recession-hit Americans Flocking to Movies
NEW YORK (Reuters) – True to form and in keeping with past recessions, Americans are flocking to the movies, the chief executive of the largest U.S. theater chain said on Wednesday.
“We’re approximately two-thirds of the way through the quarter, and we are having a very good fourth quarter this year compared to last year as an industry,” Regal Entertainment Group’s CEO Mike Campbell told Reuters. Movie theaters are seeing double-digit growth in box office revenue and high single-digit growth in attendance so far this quarter on the appeal of films like “Twilight,” “Madagascar: Escape 2 Africa,” and “Bolt,” according to Campbell. He said the movie industry has done well during all the recessions in the past 50 years. “It is still the most affordable out of home entertainment option.”
By Sue Zeidler – Wed Dec 3, 5:54 pm ET