While acknowledging that the economic downturn will affect the movie business, Fox Film CEO Jim Gianopulos remains encouraged by the recession-resistant performance of the box office so far this year.
“(Surveys show) even those who describe their economic situation as ‘very bad’ are just as likely to go to the movies as those whose condition is ‘very good,'” Gianopulos told a crowd of industryites during a keynote address at the ShoWest exhibitors conference in Las Vegas.
The head of Fox Filmed Entertainment also said he saw opportunities to increase ticket revenue from the overseas box-office and 3-D screenings.
“International markets now contribute two-thirds of the worldwide boxoffice, but they represent 95% of the world’s population,” he said.
He also said the recession was no reason theatre owners shouldn’t upgrade their facilities with 3-D screens and projectors, a remark no doubt inspired both by the impressive performance of DreamWorks’ Monsters vs. Aliens this weekend and the fact that Fox has the big budget 3-D live-action film Avatar coming up this Christmas. Gianopulos argued 3-D ticket sales could add $1 billion a year in revenues, Variety reports.
“The capital needed for this is substantial, but even in the toughest of times, money finds its way to the right ideas,” Gianopulos said.
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