Clarity is what leading movie theater chains need right now, particularly given the social media outcry over tiered seat pricing. As consumers choose between streaming entertainment on their connected devices, movie theaters need to extend their presence on digital channels to remain relevant.Īs blockchain-based digital certificates, digital tokens mark a point of seamless connection and transparency of value. Web3 is reinventing that concept as well, with the punch cards of yore, in which a retailer would just clip a hole to deliver a discount, largely gone.Īside from not wanting to carry around a piece of paper, patrons have come to expect more than price breaks, with “loyalty" now centered on online/offline touchpoints. Of course, merchandising is connected to loyalty, and the nature of loyalty has changed. But this went beyond just attending shows run by Ticketmaster: The NFTs sold via the Flow included celebrity meet-and-greets and the selling of memorabilia. Last August, Ticketmaster began allowing venues in its network to sell tickets via blockchain platform the Flow. One of the most anticipated launches is the Las Vegas MSG Sphere, a $2.1 billion hybrid in-person/digital concert and sports venue launching next fall with a run by U2. Hollywood needs to pay attention to the new crop of entertainment showcases. Moviegoers could surely have that experience with their favorite stars. Could movie theaters take a page from Pokémon parent Niantic’s partnership with the NBA on NBA-All World, with the augmented reality game connecting ordinary fans who love to play basketball. Meanwhile, sports leagues including the NBA offer a blueprint for Hollywood, and the future of hybrid digital/physical in-person entertainment is already going on outside of venues. Last year, the brand held a Disney+ Day, a loyalty offering that gave special access to parks, cruises and hotels.īack on board at the company, Disney chairman and CEO Bob Iger is showing greater interest in Web3, as he recently took a seat on the board of metaverse avatar platform Genies. ![]() For example, video gaming is the most popular media form for younger consumers - and at the forefront of using immersive tech to draw in fans with virtual goods.Īs the 100-year-old Walt Disney Company moves to blend digital and physical experiences at its theme parks, streamer Disney+ could be the initial gateway. Why not open those spaces for mixed-reality activities that connect to the big screen?īy aligning on Web3, studios and theater chains can meet their competition for audiences head on. ![]() With neighborhood cinemas still so ubiquitous, chains should be able to take advantage of enormous opportunities to be a center for micro-communities and mixed reality in person.Īfter all, theaters have long made room for arcade games in their lobbies. While sports, music and business conferences have revealed the pent-up demand for mixing in-person and digital gatherings, movie theaters have a much more natural mass appeal than those other venues.Ĭurrently, there are 2,200 movie theaters in the U.S., a slight increase from 2022, according to market research firm Ibis World. The promise of stability pushes aside risky experimentation in times of chaos. But as waves of consumers ignore traditional media in favor of “micro-communities” sprouting up from the creator economy, playing it safe appears to have very clear downsides. Just last month, Meta decided to abandon its focus on NFT collectibles amid a wider pullback on the social network’s expensive push into the metaverse, and Disney followed suit as part of its axing of some 7,000 jobs and overall cost cutting. Observers have been spooked by the spate of negative financial news since last fall’s implosion of crypto marketplace FTX. ![]() Wait, Web3? You mean that horror show starring cryptocurrency, blockchain and NFTs? ![]() Theater operators and film studios can solve that with the special effects of Web3’s immersive touch. Movie attendance came back in 2022, driven largely by hits like “Top Gun: Maverick” and “Jurassic Park: Dominion.” Still, audience numbers have yet to return to pre-pandemic levels, as despite their seeming spectacle, major theatrical releases are not enough to get people off their couches. Sports leagues, retailers, events and gaming are all beyond the Web3 exploration stage, and now Hollywood, too, must jettison its aversions to technologies that are upending conventional loyalty, merchandising and content distribution. Web3 and the movies might seem like vastly different eras of media and entertainment, but they actually belong together.
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