I’ve been watching a lot of videos about economics recently for research into a new project I’m working on. This channel Economics Explained is one of my favorites. The creator does a great job breaking down the topic and adds a fun bit of sarcastic humor. Bonus that he has a nice Aussie accent. 🙂
This video breaks down funding, product placement, tax incentives, box office income, and other topics.
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$42 billion dollars. That is the amount of money grossed by films at the global box office in 2019. Impressive? Definitely. Surprising? Probably not, especially when you consider that global box office revenues have increased year-over-year since 2005.
That was, of course, until COVID. As you’d expect, the pandemic has devastated Hollywood – resulting in an unprecedented seventy-one percent (71%) decline in global box office revenue. Worse yet, we all have to go another year without Daniel Craig’s No Time To Die – a title that has since taken on somewhat of an eerie meaning. But putting the absence of James Bond aside…movie ticket sales have actually been on the decline for nearly two decades – despite a steady increase in population over the same period.
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I’ve been using RunPee for a few years now and it’s basically a requirement of going to the movies for me. The best part of course are the “pee times” that give you cues, synopses and times for when you can pee without missing the most important parts of the movie. There is also information about the credits- length, extras and if there are any extra scenes at the wayyy end. Super helpful to just know that it is or isn’t worth staying. There is a timer function that will buzz your phone when it’s a good time to pee. I also appreciate that the app is very conscientious about it being an app you use in a theater- dark background, all silent alarms etc. I will always enjoy the experience of the theater even if I could watch things at home- but I’ve even used it at home to check for things like after credit scenes or other information too.
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So, if people are going to movie theatres less often – and they are – then what exactly is driving the growth behind global box office revenue? To answer this question, you have to understand the economics of Hollywood. How do movies get funded? What is the role of government subsidies and alternative revenue sources? How can a movie gross more than its budget and still lose money?
And finally, what are the economics behind movie theatres and their twenty-dollar buckets of popcorn?
Creator and developer of the RunPee app. When something doesn’t work right in the app it’s pretty much his fault. 🙂
Aspiring author. Would like to finish his “Zombie Revelations” trilogy if he could break away for working on RunPee and the cottage he’s building for RunPee Mom.