The Wall Street Journal checks in with an update on the state of the industry:
Hollywood Seems to Show Vulnerability to Recession
By LAUREN A.E. SCHUKER
August 7, 2008; Page B8
The film industry may not be as recession-proof as Hollywood likes to boast, according to a new study by Interpret LLC, a global media- and market-research firm based in Los Angeles.
Conventional wisdom in Hollywood has long dictated that the movie business performs well during economic slowdowns because consumers are more likely to spend on less expensive forms of entertainment like movie tickets rather than pricier activities such as sporting events or concerts.
But Interpret’s recent study suggests that in the face of financial turbulence, a night at the movies might be one of the first leisure activities consumers give up. Surveying about 1,000 U.S. consumers, ages 18-54, Interpret found that 52% of respondents said they were seeing fewer movies at the multiplex, significantly more than the 35% of respondents who said they were attending fewer live sports events.
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It may not be a 100% accurate statistic, but it inspired this Wallstrip episode, which cracked me up: http://www.wallstrip.com/2008/08/04/hollywood-recession/
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