Contrary to what many think, when tough economic times hit us, counter-intuitiveness emerges, and in spite of being short on cash, consumers go to movies in droves in order to forget about their problems.
That is no different this year, as box office receipts are up 15 percent so far in 2009, and we very well could see them go higher.
Historically, this has been the trend, and it confirms what we’ve heard about the times of the Depression when people also reportedly went to the theater in droves. Again, in spite of money being extremely tight.
This has also been true of discount book stores, which have also flourished recently as people want to curl up on the couch and lose themselves in the story.
The top ten films for 2009 so far have been:
1 Gran Torino
2 Paul Blart: Mall Cop
3 Taken
4 He’s Just Not That Into You
5 Madea Goes to Jail
6 Hotel for Dogs
7 Coraline
8 Friday the 13th
9 Bride Wars
10 Watchmen
Key Themes Behind This Trend
- Recession-proof Cinema
- Counter-intuitive increase in the entertainment industry in times of economic downturn creates potential for developing innovative business models for cinema experience.
- Upbeat Entertainment
- Uptick in consumers' need for uplifting entertainment during tough economic times presents opportunity for innovative content creation to meet consumer demand.
- Discount Book Stores
- Rise in discount book store sales during economic downturn highlights potential for disruptive innovation in low-cost/high-value entertainment.
Where This Applies
- Entertainment Industry
- Recession-proof nature of cinema highlights potential for industry to develop sustainable business models during economic downturns.
- Content Creation
- Consumer demand for upbeat entertainment during tough times presents opportunity for content creators to develop innovative products and services that cater to this niche market.
- Retail
- Success of discount book stores during economic downturn highlights potential for other retail industries to similarly capitalize on value-conscious consumers.
