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“The theater business has weaker prospects going forward than at any time in the last 30 years,” says media analyst Hal Vogel. It’s a superhero, mega-blockbuster, tentpole strategy run amuck.
Most disturbing, millennials are avoiding theaters. The audience of 18- to 39-year-olds has declined over the past five years, according to the Motion Picture Association of America.
“There are pockets of age groups and demographics that have not been inspired by what they’re seeing in movie theaters,” says Bud Mayo, president of Carmike Cinemas’ alternative programming and distribution division.
“With social media, the reaction time is instantaneous.
From “Jaws” to “Jurassic Park,” few directors can rival Steven Spielberg in the blockbuster arena.
But even Spielberg’s magic touch couldn’t save “The BFG” at the box office. On paper, the film, a 0 million adaptation of a beloved children’s book with a script by “ET” writer Melissa Mathison, had all the makings of a hit.