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Hollywood movie receipts slump to 20-year low
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CTV.ca News Staff
Date: Thu. Jun. 23 2005 10:40 PM ET
Despite its superheroic efforts, Hollywood is struggling to attract customers to watch its movies in cinemas.
Movie revenues skidded for the 17th straight weekend this weekend, tying the record for longest ever box-office decline set back in 1985.
According to studio estimates released Sunday, North America's Top 12 movies took in approximately $128.5 million US. That was down 1.6 per cent from the same weekend a year earlier.
Compared with 2004, movie revenues are down 6.4 per cent so far this year.
According to the U.S.-based sales tracker Exhibitor Relations, when increased ticket prices are factored in, there are nine per cent fewer cinema-goers this year.
If that trend continues, Exhibitor Relations expects overall domestic admissions to be at a 10-year low by the end of 2005.
The marquee movies continue to attract fans, however, as demonstrated by the weekend's biggest hit, Batman Begins.
Taking in just under $50 million US, the superhero prequel did well enough to bump the previous week's top-grossing Mr. & Mrs. Smith from the top spot. The weekend's only other new wide-release, Hilary Duff's The Perfect Man, took in a disappointing $5.5 million.
For the studio behind the latest Batman, at least, the slumping sales are not enough to put off plans for yet another installment.
Some studio executives blame the rising popularity of home entertainment options as a key factor in slumping cinema ticket sales, while others point to this year's lack of blockbuster movie events.
Meanwhile, many fans point to a perceived decline in the quality of the films on offer.
According to the results of an Associated Press-AOL Ipsos-Reid poll released last week, 73 per cent of respondents would rather watch a movie at home than at a movie theatre.
While a third of respondents said the quality of films is improving, close to half said Hollywood's offerings, "are getting worse."
Some critics feel that Hollywood is running out of ideas. Three films due out this summer are based on material that is decades old.
Herbie: Fully Loaded continues the adventures of a talking Volkswagen Bug. Herbie first appeared on screen in the 70s.
Also, Johnny Depp will take on the role of Willy Wonka in a re-make of Roald Dahl's Charlie and the Chocolate Factory. However, most adults will likely be reminded of the 70s movie version starring Gene Wilder.
And in Bewitched, audiences will also be offered a film based on the 60s television series of the same name.
Despite suggestions of doom and gloom gripping the American entertainment industry, business is still booming.
Hollywood's year-to-date domestic revenues total approximately $3.85 billion US.
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