Over the past couple of days, Hollywood took it easy as there weren’t many movies coming out for fans of cinema everywhere. According to reports, this Labor Day weekend is expected to be the lowest-earning summer final since 2006. That year brought in around $4 billion throughout the warm months.
In a report from The Hollywood Reporter, it may even be the lowest numbers since 1998.
Official numbers regarding Labor Day won’t be available until Tuesday, but studio estimates and projections expect that it will be the lowest earning weekend since the summer of 1998.
The senior media analysts for comScore, Paul Dergarabedia, wrote, “there’s no sugar coating” the fact that this year has been a disaster for Hollywood.
It was a rough summer all season long and the last weekend of the sandal-toting-months wasn’t much better.
With the advent of Netflix and online streaming services, it appears as if movie-goers are watching TV at home, rather than going to the cinema.
And that makes sense, because why would you go out to the movie theater when you can pick from thousands of films and TV series from the comfort of your own home?
Some ponder that the tanking ticket sales could have something to do with Hollywood’s recent push for films with a “social justice” agenda.
However, this is merely speculation.
Despite the bad news – as the summer pulled in around $3.8 billion over the entire season – studio executives are excited for the remake of Stephen King’s “It,” which is expected to break all kinds of records. Fans will get to see the iconic evil clown on the screen for the first time since 1990.