No, HBO Max Will Not Destroy the Movie Industry
The news of Warner Bros. pushing their entire slate of movies to HBO Max in 2021 caused movie theater stocks to crash like they were running some sort of financial scam that was finally revealed. It’s been a turbulent year for movie theaters but unlike other industries experiencing major pain, the signs have been out there for quite some time. The rising costs of tickets and concessions made going to the movies a treat compared to the seemingly long-gone days of it being a weekend activity.
We saw signs of the movie theater industry struggling when monthly passes became a sensation two years ago. Going to see so many movies became way too expensive and customers had to limit the amount of times going. The subscription model, which worked for some and massively failed for others, gave people a reason to keep coming back. It also hasn't helped that the media landscape has significantly changed in the last few years prior to 2020. Content companies were putting more money towards creating long-form series for streaming platforms over trying to create the next big blockbuster. They’ve been deemed safer bets. Now with so many people stranded at home, entertainment giants have had to adjust to getting eyeballs on their product. More and more movies that would have given people a reason to spend $18 on a ticket are now going online. The movie industry is playing it safer and safer, so why wouldn’t that be the next move?
Despite the gloom and doom, movie theaters won’t be a thing of the past. There’s so much content to consume and people can’t subscribe to all of them. If you have multiple streaming services, it’s likely already more than a monthly subscription to a movie theater chain or a ticket to see it in a theater! Plus, there’s also the reality that not everyone in the country is able to stream these movies on devices with strong broadband or own products that allow them to do so. It’s a whole lot creepier to ask someone on a date to see a movie in your apartment than a theater too.
It looks really bad for movie theaters, but the idea of watching movies online is overrated and not a realistic outcome for most of the country. It seems hard to believe, but sometimes like movies itself, there’s room for a happy ending.
