Part 2/9:
According to Doug Crut, a veteran media analyst, the theatrical sector is facing severe challenges as total box office gross is projected to drop by 4% in 2024 to $8.57 billion. The number of wide releases has decreased by 6% from pre-pandemic levels—a trend underscoring the industry’s struggle to fill cinema seats. This downward spiral in both revenue and releases has many worried about the sustainability of the existing theater footprint.