The theatrical movie business has long proved to be unusually resilient when it comes to economic downturns. In fact, over the last eight recessions, the box office has increased six times and admissions have gone up five times.

How does the film industry do in a recession?

In the past, theaters have been where Americans went for entertainment when the economy shrank. During the last eight recessions, box office sales increased six times over. The 2020 covid-19 induced recession was the outlier—movie theaters had to be empty to stop the spread of the airborne disease.

What industries are most resistant to recession?

What industries do well during recessions?

Is the film industry declining?

In 2020, Film Entertainment revenue amounted to $25.9 billion. That's a 27% decline from 2019 when revenue was at $35.3 billion.

Why The Entertainment Industry Is Recession Proof

Is the film industry growing or dying?

Already, the industry is seeing improvements in ticket sales. Through Monday, the 2023 box office has tallied $958.5 million in ticket sales, up nearly 50% compared to last year and down just 25% from 2019, according to data from Comscore.

What is the future of film industry?

The film industry has always been at the forefront of technological innovation, and the rise of artificial intelligence (AI) is set to take this to a whole new level. AI technologies have the potential to transform the way films are made, from pre-production to post-production, and everything in between.

Who benefits in a recession?

In a recession, the rate of inflation tends to fall. This is because unemployment rises moderating wage inflation. Also with falling demand, firms respond by cutting prices. This fall in inflation can benefit those on fixed incomes or cash savings.

How long do recessions last?

According to the National Bureau of Economic Research (NBER), the average length of recessions since World War II has been approximately 11 months. But the exact length of a recession is difficult to predict. In general, a recession lasts anywhere from six to 18 months.

What gets cheaper during a recession?

Reduced business investment: Businesses tend to reduce their investment during a recession, reducing economic activities. The decline in asset prices: Asset prices such as housing and stock prices tend to decline during a recession.

What industries will suffer in 2023?

What is the safest industry to work in?

It makes sense that job security is a top priority for many people when choosing a career path. Professions within healthcare, information technology, education, government, and financial services are among the top choices for careers that offer excellent job security.

Is the film industry doing well?

The industry is expected to recover further to roughly $8.5 billion to $9.5 billion in 2023 as the film slate picks back up to pre-Covid levels. But it would still be a far cry from the $11.4 billion of box office in 2019, the last year before the virus hit the U.S., Comscore data show.

Will the film industry grow?

In terms of revenue, the global movies and entertainment market size was valued at around USD 94.451 billion in 2022 and is projected to reach USD 169.62 billion, by 2030. The movies and entertainment market is projected to grow at a significant rate due to the growing global demand.

Is Hollywood on a decline?

Between budget cuts, writer strikes, box office bombs, and non-stop cancelations, it seems that the film industry is floundering. This is the result of countless variables—from how the COVID-19 pandemic changed the way people spend their money to the after-effects of the streaming boom.

How long will 2023 recession last?

U.S. strategists expect a meaningful earnings recession of -16% for 2023 and a significant recovery in 2024.

How long did it take to recover from 2008 recession?

For workers and households, the picture was less rosy. Unemployment was at 5% at the end of 2007, reached a high of 10% in October 2009, and did not recover to 5% until 2015, nearly eight years after the beginning of the recession. Real median household income did not recover to pre-recession levels until 2016.

How bad will the next recession be?

We know that recessions vary in severity – just how bad will the 2024 recession be? We expect the 2024 recession will be a relatively mild one for US Industrial Production. However, before breathing a sigh of relief, understand that the recession will not be mild for every industry.

What income is recession proof?

Financial services

Various finance-related professional services such as accounting, bookkeeping, and financial planning are considered recession proof because taxes must be paid, investments protected, and businesses' expenses logged and organized—even when the economy slows.

What makes the most money during a recession?

Some stock market sectors, like health care and consumer staples, generally perform better than others in a recession. Healthy large cap stocks also tend to hold up relatively well during downturns. Investing in broad funds can help reduce recession risk through diversification.

Should you save money in a recession?

It's especially important to have savings during a recession, however, because economic uncertainty can create other financial concerns, such as layoffs. A surprise job loss can be stressful, but if you're cushioned with an emergency fund, it can be easier to pay for your expenses until you get a new position.

Why do people leave the film industry?

Behind all the movie magic there's a long stressful grueling process that breaks you. It either makes you tougher, or more set in your ways. And this ultimately forces you to decide if the film industry is really meant for you or not, and essentially how you want to live your life.

What will replace movies?

The rise of streaming services like Netflix, Amazon Prime Video, and Disney+ has already had a significant impact on the film industry, and this trend is likely to continue. As more people opt to watch movies from the comfort of their own homes, the traditional movie theater experience may become less popular.

How much is the film industry worth 2023?

The global film and video market grew from $267.61 billion in 2022 to $283.5 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%.

What is the biggest problem in the film industry?