As the restriction and quarantine measures taken to prevent the spread of covid-19 in the Central American economies are relaxed, cinema ticket sales are forecast to fall by 6%.
Using a demand-income sensitivity model developed by the Trade Intelligence Unit of CentralAmericaData, it is possible to project the variations that household demand for different goods and services will undergo as the most critical phases of the spread of the covid19 are overcome and the measures restricting mobility in the countries of the region are lifted.
The economic slowdown, together with the growing supply of audiovisual content platforms, explains part of the downward trend that shows the business in Costa Rica since 2016.
Businessmen in the sector believe that another factor affecting the decline in business is that they depend on the production of high quality movies or blockbusting, usually produced by U.S. firms.
In Costa Rica an international promotion plan is being developed to position the country as a destination for film production, a sector in which about 200 companies operate locally.
Despite the fact that a process has been under way for several years to create a conglomerate of Costa Rican companies dedicated to this activity in the country, in order to boost business by attracting foreign production companies to make films in the country, a commission has now been created at the governmental level, with a budget for international promotion and a work plan.
The chain Cinepolis plans to open four new theaters in 2015 in Guatemala, one in Honduras, two in Panama and 30 new screens at a shopping center in Costa Rica.
Parallel to this expansion plan in the region, representatives from the Mexican chain Cinepolis said they are evaluating whether to make new investments in El Salvador, where they already have a 43% share in the cinema market.
It has been reported that a mall being built by the Honduran company Ladylee in the province of Alajuela and has an occupancy rate of 100%.
So far 47 commercial establishments have been confirmed, according to representatives from City Mall, but they are still choosing who will fill the missing spaces in the 70 thousand square meters building dedicated to this area.
The Costa Rican chain CitiCinemas has acquired ten theaters from its competitor CCM Cinemas and says it will invest $3.5 million in renovations.
With the transfer of the operation of 10 cinemas to the company CitiCinemas "... the Local cinema industry is more competitive than ever. CCM Cinemas is now tied, in terms of the number of screens, with the Mexican company Cinepolis (29), CitiCinemas ranks second (17), Cinemark is in third place (16) and Nova Cinemas in the fourth with 7."
Four companies have announced the investment of at least $14 million in the opening of 31 new cinemas during 2015.
The expansion of existing facilities and opening of new ones in different parts of the country is in response to the steady increase in cinema going as in 2013 alone 6 million people attended movie theaters in the country, representing an increase of 15% compared to number of tickets sold in 2011.
The maker of equipment for photographic, film and aerospace industries, has announced an investment of $5 million to expand its plant by 2,000 square meters.
From a press release by the Ministry of Foreign Trade in Costa Rica:
In Costa Rica more and more people are becoming clients of cinemas, having increased their visits by 30% since 2007.
National cinemas sold 5,172,420 tickets in 2011, 1% more than in 2010 and 30% more compared with 2007, according to data from the local film distributor, Discine.
Theater chains are vying for audiences with the opening of new facilities, refurbishment of existing ones and new technology.
Cinemark corporate executives from Nova Cinemas, Cinemas Cinépolis and CCM, which together have 78 theaters in the country, made references to the investment plans.
The real estate project "Avenida Escazú", to be launched in July includes the Residence Inn hotel, an area for movie theaters, shops and offices.
The Residence Inn hotel will open its doors in April with 100 rooms. In July, the first phase of the project, which includes several shops and 13 thousand square meters of office space, will be inaugurated.
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