Young Adults Are Going To Fewer Movies Than They Used To
As long as online video streaming services like Netflix, Inc. (NASDAQ: NFLX) and HBO Go are around, it's no surprise that the number of moviegoers in the U.S. and Canada continues to fall.
Though last year's top grossing films broke box office records, the decline in North American moviegoers was still prevalent.
For instance, "Transformers: Age of Extinction" by Viacom Inc.'s (NASDAQ: VIAB) Paramount Pictures crossed the $1 billion mark in terms of box office sales, while "The Hunger Games: Mockingjay Part 1" from Lions Gate Entertainment Corp. (USA) (NYSE: LGF) scored the year's biggest opening domestic weekend with $123 million.
Film Fans' Demographics
The Wall Street Journal reported that although 18 - 24 year olds go to the movies more often than other age groups do, they too are decreasing their film-going frequency.
"In the U.S. and Canada, [18-24 year olds] saw 6.2 movies on average in 2014, down from 6.9 in 2013 and 7.8 in 2012. Meanwhile, those aged 25 to 39 saw 3.7 movies last year, down from 4.6 and five, respectively, in the prior two years," reported the Wall Street Journal.
The reason for the decline can be attributed to increased ticket prices compared to the unlimited number of movies and TV shows people can watch online for a much more affordable amount.
Netflix costs less than $10 a month, while HBO Go costs about $15.
Additionally, a lot of families or friends living together all share and split costs for the services mentioned above, making them even more convenient and wallet-friendly.
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