High Movie Ticket Prices Driving Down Ticket Sales
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iStock Editorial/Thinkstock(NEW YORK) — TV may be better than ever but that’s not the only thing responsible for fewer movie tickets sold in 2014.
In fact, a PricewaterhouseCoopers survey says that the leading cause of the decline in domestic box-office revenue had to do with the rising cost of seeing a movie. Fifty-three percent of respondents gave that as their reason for fewer trips to the local multiplex.
During the third quarter of last year, the average price of a ticket was $8.08, about 24 cents higher than the same period in 2013. Meanwhile, concession revenue climbed ten percent to an average of $4.29 per movie customer.
As a result, one in four U.S. consumers said they saw fewer movies last year.
PricewaterhouseCoopers said everything that the industry is doing to try and counter these losses appears to have little effect — that includes 3-D movies, advances in digital technology and improved seating.
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