Two articles caught our attention. The first was in The Hollywood Reporter about a new movie theater concepts with private rooms and high end food in New York. The second was a story about the power of IMAX in the movie industry, per the Wall Street Journal.
In this episode, Joe Pine, Aransas Savas, and Dave Norton discuss the evolving landscape of the movie theater experience, particularly in light of the pandemic’s impact. They explore new concepts in Hollywood, such as premium movie theaters and IMAX, and how these innovations cater to changing consumer preferences. The conversation emphasizes the importance of customization, personalization, and the need for theaters to create engaging experiences that resonate with audiences. The hosts also provide valuable insights for experience strategists on how to adapt to these trends and enhance the overall consumer experience.
Takeaways
* The pandemic significantly impacted the movie theater industry, leading to a decline in attendance.
* Premiumization is a key trend in the film industry, focusing on enhancing the overall experience.
* Customization and personalization are crucial for attracting audiences back to theaters.
* Consumers decide the ‘when’ or the situation, then watch the movie
* Theaters need to innovate and create engaging environments to compete with home viewing.
* Experience strategists should measure the money value of time (MVT) in their offerings.
* The integration of social components can enhance the movie-going experience.
Chapters
01:23 Hollywood’s New Movie Theater Concepts02:38 The Impact of the Pandemic on Movie Theaters04:47 Premiumization in the Film Industry06:40 Customization and Personalization of Movie Experiences08:57 Consumer Preferences Post-COVID11:38 The Role of IMAX and Alternative Experiences16:41 Innovations in the Theater Space20:15 Key Takeaways for Experience Strategists
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