CinemaCon is one of the most important weeks of the year for many in our industry. It's a time for those in cinema and film to network and explore new trends and technologies, and for studios to share footage from some of the most anticipated movies of the year.
This year, Movio had lots to share with the industry, too. Our Chief Executive, Will Palmer, shared his insights on an AI-focused panel, revealed our latest research and set an ambitious industry goal. It was a busy week!
Commenting on the potential impact of artificial intelligence in the film industry Will stated “AI used well creates a better user experience. We can make it so much more personal and customized. Consumer experiences in general are improved because of the information we provide - think Uber or Netflix. There really isn’t that level of data in the cinema world currently.”
Will also revealed the next exciting use case for AI in the industry: pricing. “There’s a lot out there looking at pricing. We want to look at pricing elasticity, so that is the most a person is willing to pay on a given day. There’s a huge opportunity based on what people are willing to pay for content. In some cases we’re leaving a lot of money on the table.”
Most significantly on Wednesday, Movio released the results of a new study which revealed that cinema exhibitors using Movio Cinema experienced a $227 M (USD) collective uplift in box office revenue in 2018. However, Will spoke to just how much more the industry could achieve by applying Movio’s deep understanding and tools to all moviegoers globally. “Together, if we could reach 100M moviegoers, we would increase global box office by more than $1B annually. Meaning more moviegoers, attending more movies, more often. All continuing to experience the magic of cinema for generations to come.”
Watch the video below to learn more.