Box Office Slump Hits New Low Over Labor Day Weekend
HOLLYWOOD (CBSLA.com) — Wherever you may have spent your holiday weekend, chances are you weren’t at a movie theater.
KNX 1070’s Jon Baird reports for the first time since 2008, not one single film managed to crack the $10 million mark at the box office.
The horror film “The Possession” scared up the most cash over Labor Day weekend and remained No. 1 at this year’s weakest weekend box office, adding $9.3 million to its $33.1 million haul.
But the fright flick starring Kyra Sedgwick and Jeffrey Dean Morgan as parents of a possessed girl marked the only relatively bright spot in what turned out to be the lowest grossing weekend this year so far.
Analysts say both weak offerings from film studios and a weakening economy are the two biggest factors contributing to Hollywood’s slump, which is unlikely to revive in September, traditionally one of the sluggish months of the year before the debut of the awards-season slate of movies.
Moviegoers are also growing weary of both the lack of quality and affordability at theaters.
“If I’m spending over $20 at the movie theaters and the movie isn’t good, then it kind of diminishes the value of that medium of entertainment,” said one customer.
The box office’s total revenue of $67 million marked the worst weekend for the film industry since the weekend after the Sept. 11, 2001, terrorist attacks when revenues were down to $59.7 million.
(TM and © Copyright 2012 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)