With movies hitting streaming services faster than ever and consumers cutting back on spending, moviegoers might feel a bit less enthused about heading to their multiplex these days. That’s why the biggest theater chains in the United States and copyright have a $2.2 billion plan to bring them back.Video above: Harry Potter movie props on display in exhibitionAn industry group that represents the eight largest chains, including AMC Entertainment, Regal Cinemas and Cinemark, announced a multibillion-dollar renovation plan that encompasses 21,000 screens — or nearly 70% of the North American box office — and affects every part of the theater experience, from signage to snacks and snazzier seats.The three-year investment comes amid a recent resurgence at the box office following dual Hollywood strikes and the COVID-19 pandemic that shuttered theaters and limited the number of releases. Large chains are also facing competition from luxury theaters offering an enhanced viewing experience, like IPIC Theaters and Alamo Drafthouse. The latter was recently bought by Sony Pictures Entertainment.The National Association of Theatre Owners, also known as NATO, said Thursday that it recognizes that “competition for consumers’ hard-earned dollars is fiercer than ever.”The renovations will “modernize and improve” theaters of all sizes, implementing the newest in projection technology, adding better sound systems and seating, improving concessions, and even adding arcades or bowling, NATO said.
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The three-year investment comes amid a recent resurgence at the box office following dual Hollywood strikes and the COVID-19 pandemic that shuttered theaters and limited the number of releases.
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