Movie theaters and concerts rank second only to restaurants and bars among activities that U.S. consumers miss the most right now. More than a third (39%) rank movie theaters/concerts as one of their top three activities most missed. Restaurants and bars are the most missed with 59% picking them among their top 3.
Travel planning (32%), shopping centers or malls (20%), religious centers/churches (19%) and fitness centers/studios/gyms (16%) round out the top 6 most missed activities that are more restricted right now.
The data is from the latest wave of Ipsos’ COVD-19 Consumer Behavior weekly tracker. The latest wave of the study was conducted within the United States February 17-18, 2021. A sample of 1,115 adults age 18+ were surveyed online in English.
This has to be good news for firms like AMC Entertainment Holdings Inc. The Wall Street Journal just today told the remarkable story of how the movie theater chain avoided bankruptcy in 2020. One of AMC’s top creditors, Apollo Global Management Inc., was “crusading” to take the theater operator to bankruptcy, according to AMC Chief Executive Adam Aron. Through a a series of lifelines and the unanticipated retail investor trading action, AMC seems to be in a better financial position.
Governor Andrew Cuomo proclaimed New York City movie theaters can open March 5. That is after nearly a year of government mandated closures due to the COVID-19 pandemic.
Theaters will only be able to operate at 25% capacity. Also, no more than 50 people per movie showing. Furthermore, masks will be required along with socially distanced seating.
AMC Theaters quickly announced the same day that they will re-open all 13 of their New York City theaters beginning March 5.
This is all in the backdrop of even more at-home streaming entertainment options. Paramount+ just detailed their 2021 plans this week. One of the big announcements was that select upcoming films from Paramount Pictures will have their streaming debut on Paramount+ immediately following a theatrical window of 30-45 days. This includes the anticipated Mission: Impossible 7 in Q4 2021.
Meanwhile, new streaming service discovery+ is on track to hit 12 million subscribers by the end of this month. The service is the bright direct to consumer light for Discovery which has seen flat advertising revenue for the most recent quarter.
Concerts
In the United Kingdom, there are signs of a return to live music events. With Prime Minister Boris Johnson announcing that lockdown measures were be lifted on June 21, large outdoor festivals could potentially take place. IQ reports that events like Reading and Leeds Festivals, Slam Dunk, Black Deer and Wide Awake are hoping to hold events this summer.
Event operator, LiveNation, is optimistic as well. CEO Michael Rapino says “all signs point to even more concerts ahead”.
Music Business Worldwide reports that Rapino confirmed on Live Nation’s Q4 2020 earnings call that “Reading & Leeds had sold 100,000 tickets in 72 hours this week, and that Creamfields had sold its entire 70,000 capacity out in just 48 hours.”
