Hollywood closing,landmarks and other theaters to close by the end of 2019
Hollywood has been shuttering its remaining cinemas in the US and Canada.
The move follows a month-long review by the National Association of Theatre Owners (NATO) that found the industry was in “disarray” and its customers “struggling” to access its full slate of films.
“The industry is in disarray and its customer base is struggling to access the full slate,” a statement from the association said on Friday.
“This is especially true for families and seniors who are facing significant financial hardships.”
The decision comes after several weeks of talks between the theater chains and the alliance that will determine the fate of all of the major theaters that operate in the United States and Canada over the next year.
There is no specific timetable for closing cinemas.
However, a recent study by industry-backed research firm CB Insights and Strategy said the sector is now in the “critical” phase of its demise, and could shut down as early as this year.
The company, which specializes in the analysis of theater industry performance, said in a report published in January that the sector will continue to lose money, with revenues declining by 20% in 2019 and by 30% in 2020.
The decline in revenues will force theaters to slash ticket prices and reduce the number of films they offer, the report said.