Posted October 11, 2018 10:12:22 The National Association of Theater Owners (NATAO) announced on Monday that its members are preparing to push forward with a plan to allow theaters to shut down after only a few hours.
The NATAO’s move comes as Hollywood prepares for its “Lincoln” opening, which opens on Nov. 7, and after the studio announced its plans to bring back “The Great Gatsby” for its big-budget sequel, “The Shape of Water.”
The movie’s “opening weekend” is expected to reach between $40 million and $50 million.
The studio will open the sequel in theaters around Thanksgiving.NATAOs announcement comes on the heels of a report from The Hollywood Reporter that reported that “Lions” could hit $50 billion worldwide.
In addition, a recent study by the Entertainment Software Association (ESA) found that over the next few years, the average ticket price for movies will increase by an average of 16 percent.
The ESA report comes amid a major shift for Hollywood.
The studios have been struggling to meet demand for “Lion” and “The Mummy” over the last several years, while the movie industry has been trying to compete with digital and social media, which have created a vast digital library of movie content.
In 2018, the Motion Picture Association of America (MPAA) reported that its membership has shrunk from 12.6 million to 9.3 million, and it was the second-most-loyal group behind the Motion Pictures Association of Canada (MPAC).
In 2017, Hollywood studios lost over $5 billion on “Lights Out,” which cost nearly $100 million to produce.