The global movie theater market is expected to exhibit strong growth, reaching USD 92.4 billion by 2030. As per the report titled “Movie Theater Market Size, Share & COVID-19 Impact Analysis, By Product Type (3D Screens and 2D Screens), By Application (Drive-in Theater, IMAX Theater, Independent Theater and Multiplexes), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 67.9 billion and USD 92.4 billion in 2030. The market is expected to exhibit a CAGR of 4.50% during the forecast period.
Cinemark Holdings Inc. Announced its Expanding In-theater Offerings to Further Innovate Entertainment Experience
In June 2021, one of the world’s biggest and most powerful theater chains, Cinemark Holdings Inc., stated that it is expanding its in-theater and online esports offerings to innovate its entertainment experience further. This summer, drop-in gaming will be available to Cinemark patrons in a few theaters, and online esports tournaments will be available thanks to a recent agreement with Mission Control.
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To Accelerate Market Expansion, Increase the Number of 3D Theaters and Revenue
The desire for top-notch films and technical developments in visual effects are projected to drive growth in the movie theaters market over the predicted years. Additionally, it is anticipated that the business will develop over the coming years due to the expansion of 3D theaters and the digitization of movies. Additionally, increased per capita income and consumer entertainment spending is anticipated to drive the market throughout the predicted period.
Piracy will Increase Over the Forecast Period, Limiting Market Expansion
Some limitations and obstacles may prevent the expansion of the market. The expansion of the movie theater market is expected to be hampered by several issues, including movie piracy. Instead of purchasing movie tickets, consumers can purchase low-cost pirated film versions on DVDs or the internet.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the movie theater market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, AMC is looking for high-performing locations abandoned during the pandemic as it expands its theater network. It may also need to close some of its underperforming theaters. Additionally, over the past six months, AMC raised almost $2 billion in cash and intended to utilize some of the new money to buy more theaters.
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