The Los Angeles Times reports:
Hollywood is celebrating the end of 2017 with astronomical sales from “Star Wars: The Last Jedi,” which is on track to soon exceed $1 billion in global ticket sales and eventually become the biggest movie of the year. But that won’t be enough to write a happy storyline for the industry.
Although movie ticket sales in the U.S. and Canada are expected to dip just below last year’s record of $11.38 billion, the number of tickets sold is projected to drop 4% to 1.26 billion — the lowest level since 1995, according to preliminary estimates from studio executives.
The long-term decline in attendance reflects systemic challenges facing the industry. Audiences are spending less time going to the movies and are consuming more entertainment on small screens and through streaming services such as Netflix and Amazon that are spending billions on original video content.