As we look towards 2023, there are several key trends that are poised to have a significant impact on the industry. From the growing popularity of live stream services, to the increased focus on premiumization and sustainability, these trends will shape the future of the cinema industry and determine which video companies and film productions succeed in the coming years.
The exhibition market has been forced to adapt following the events of 2020. Cineworld, the second-largest cinema chain in the world. Filed for Chapter 11 bankruptcy protection in the US and has been working to find a solution. CGR, France’s second-largest exhibition chain, announced that it was up for sale, with the process currently underway. Vue International’s largest creditors converted the company’s debt into an ownership stake in the company. The market is in a state of flux and the outcome of these changes will greatly influence its future direction. 2023 will be a crucial year for determining the market’s trajectory.
The distribution market has undergone a significant reshaping in recent years. 2020–2021 saw a period of experimentation with risky moves, like the “day and date” release strategy. Which posed a potential threat to the exclusivity of theatrical releases. However, 2022 has opened up new perspectives with companies like Amazon and Netflix emerging as potential solutions, to the industry’s challenges. 2023 will establish the role that key streamers intend to play: will Amazon confirm their commitment to invest a billion dollars a year for movies that would start on the big screen? Will Netflix follow this path? The challenge now is to rebuild moviegoing habits in a market potentially facing less studio content.
This is truer in some markets than others, of course. Note that in the U.S., the top 10 movies of 2022 represented 55% of its annual box office compared to 39% in 2019. Whereas in France, the top 10 films represented 25% of admissions last year, approximately the same amount as in 2019.
The success of films like Avatar has all but confirmed the public’s appetite for a true cinematic experience. Especially in premium formats like Dolby, IMAX, Ice Theaters, 4DX, and ScreenX, all of which continue to outperform standard formats. The next step in this challenge is to move from a situation in which exhibitors are questioning how many premium screens they should have in a location to one in which every single seat is considered premium in some way, shape, or form.
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