The second edition of the initiative (original name: Festa del Cinema) involving the majority of Italian movie theaters and distributors and allowing moviegoing at the discounted price of 3 Euros generated less than expected attendance and gross revenue this year compared to the 2013 and first edition.
Here is a summary of the downward trend of the event: 66% more people (-9.7% gross) went to the movies compared to the normal 2-9 May week, €6,296,403 grossed (-18%) and 1,999,237 tickets sold (-12%), despite a lower average ticket price, €3.14 versus €3.29 in 2013.
Now, given that the weather has been chill enough not to affect customer behavior, economy is as bad as it was last year but maybe a little better, and programming has been good enough compared to last year’s with movies such as The Amazing Spider-Man 2, The Grand Budapest Hotel, Brick Mansions, Godzilla, perhaps just a little less “pop” and therefore less price sensitive, we can identify three main reasons for such disappointment:
- weaker promotion of the event, both from distributors and exhibitors, who struggle to recognize the value of such promotional events for the overall industry and adapt their business model to changing economies;
- tons of promotions on moviegoing (such as from mobile phone operators and fast-foods, and from movie theater chains by their own) have diluted the exceptional nature of the event and therefore weakened such a concept with discounts concentrated in one week only;
- generally, a normal downward trend due to the “normalization” of the enthusiasm which characterized the first edition in 2013.
We hope that this year’s modest results will not curb the industry willingness to innovate and market its products creatively.