LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global movie theater market is expected to grow at a CAGR of almost 7% during the forecast period.
This research report titled ‘Global Movie Theater Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| The market size of movie theaters is expected to reach USD 59.97 billion by 2021, mainly driven by the increasing demand for high-quality movies with enhanced visual effects. The increasing adoption of depth sensors, HD video cameras, and visual effects photography is attracting more cinema fans to witness the enhanced movie experience. |
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Based on theater type, the report categorizes the global movie theater market into the following segments:
- Multiplexes
- Independent theaters
- Drive-in theaters
- IMAX theaters
Multiplexes
“Multiplexes are mainly present in shopping malls and recreation centers, where people have multiple entertainment options. Very often, a movie is a part of a shopping and dining outing. Multiplexes are immensely popular in developing countries like India, whose entertainment industry is one of the largest in the world,” says Ujjwal Doshi, one of the lead analysts at Technavio for media and entertainment services research.
The multiplexes segment is witnessing large-scale mergers and acquisitions, which have led to the consolidation of the market. Major players in the market are focusing on increasing their presence in tier 2 and 3 cities, and are using innovative marketing strategies to ensure the success of the same.
Independent theaters
Independent theaters are the first preference for cinema goers on a budget. Independent theaters are known for screening movies with short shelf lives that the multiplexes usually do not screen. Price conscious consumers who do not like the pricing systems of multiplexes find independent theaters as a welcome option. However, the market share of independent theaters is expected to decline through the forecast period due to the increasing prominence of multiplexes.
Drive-in theaters
“The increasing adoption of smaller passenger automotive vehicles worldwide has had a positive impact on the drive-in theater market. Urbanization is a major driving factor for the growth of these drive-in theaters as they are constructed in large open spaces that are close to urban residential areas,” says Ujjwal.
This market segment is expected to face stiff competition from home videos and live streaming, which are enabled by direct-to-home (DTH) and high-speed internet connectivity. Also, the real estate value of open spaces is extremely high in urban areas, and owners are making considerable profits by sale of these spaces.
IMAX theaters
The IMAX segment of the movie theater market is forecast to be the fastest-growing sector with a CAGR of over 34%. The rising demand for a high-quality movie experience and increased customer spending will facilitate this growth. IMAX theaters are quickly gaining traction in developing economies like India and China, where the rate of urbanization is very high. IMAX is actively expanding its global presence by entering partnerships and deals with domestic players in different markets.
The top vendors highlighted by Technavio’s research analysts in this report are:
- AMC Theaters
- Cineplex Entertainment
- Regal Entertainment Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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