We still can’t fully understand why people continue to go to the movies when the economy is tanking (DVD rentals, legal downloads, books, TV, radio—all cheaper options for entertainment). But despite our protestations and befuddlement, the box-office has yet to suffer with the rest of the economy. In fact, the past few weekends, grosses have been up compared to the same period the year before. And this weekend, more boffo business is predicted.
Wired’s epicentre blog: Box office grosses for the weekend are projected to range between $130 million and $140 million, up from $102 million last year, estimates Stifel Nicolaus analyst Drew Crum.
The reason? No doubt the release of “High School Musical 3: Senior Year” might have something to do with it. (We can’t wait.)
Another possible explanation: When the economy hits the skids, people watch more movies. In five of the last seven recessions since 1965, box office grosses increased, according to the National Association of theatre Owners.
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