Break out the Batmobile… If you want to catch Robert Pattinson in tights on opening night, it could cost extra. AMC's testing a new pricing strategy by raising the cost of tickets for popular movies, like Warner's "The Batman'' (hits theaters Friday). In LA and NYC, ticket prices are running about a buck more, but that hasn’t dampened demand:
- Batty expectations: “The Batman” could be the first blockbuster of the year: it’s tracking for a $245M+ worldwide open, and not a moment too soon for chains like AMC.
Strategy shift... During the pandemic, some studios have embraced a new way to reach viewers at home (think: same-day streaming releases). That’s had mixed results: Warner's "Dune" pulled in $400M at the global box office. But the studio’s other day-and-date releases, like “In the Heights” and “Matrix 4,” bombed on the big screen. With North American ticket sales still down 60% from pre-Covid levels, theater chains are getting creative:
Lux-ification: reclining seats, contactless concessions, and 4D experiences are some ways theaters are enticing people back. Pricier seats for popular showings of studio tentpoles could add to the premium feel.
BTW: AMC is already charging European theatergoers extra for prime theater seats (think: middle, not too close).
Movie tix are getting “premium-ized”... Movie tickets are famously uniform: you’ll pay the same to see a $200M Marvel blockbuster as a $2M indie flick. And dynamic pricing has long been a popular model in other industries, from flights to hotels to concerts. Whether you’re booking a last-minute red-eye or front-row seats to a J. Biebs show, high demand = higher cost. But hiking prices could jeopardize attendance — at a time when theaters are struggling to fill seats.