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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Entertainment > Article Home Business & Finance News U.S. Politics International Technology Entertainment Film Music People Television Arts Industry Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Credit crunch impairs theaters' digital vision Mon Mar 30, 2009 3:51am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Alex Ben Block LOS ANGELES (Hollywood Reporter) - At the Carmike Encore Park Cinemas megaplex in Elkhart, Ind., box office receipts are way up this year. But the returns at the candy counter aren't so sweet. In fact, sales last year of sugary snacks, popcorn and soft drinks barely reached 2007 levels in Elkhart, and this year could be worse. "That city is at a high level of the unemployment rate and we've seen a little bit of stagnation in our per-capita growth in that particular market," says Fred Van Noy, COO of Georgia-based Carmike. The slowdown isn't limited to Elkhart. The 289-theater Carmike chain recently launched "Stimulus Tuesdays," offering 16-ounce drinks and 46-ounce popcorns for $1 each in an attempt to boost concessions. Even as the recession has caused a spike in theater attendance, a fear that more moviegoers are passing on $5 tubs of popcorn and sodas is just one of several concerns on exhibitors' minds as they flock to their annual ShoWest confab in Las Vegas this week. "Frankly, this is something we are really worried about," says Thomas Stephenson Jr., president and CEO of Dallas-based Rave Motion Pictures, which has 475 screens in 14 states. "Our concession sales are not up on a yearly basis as much as we anticipated they would be," says Dean Kerasotes, COO of Kerasotes Theaters, whose 100-year-old circuit has 933 screens at 94 locations. "It's hard to tell whether it's people's spending habits or the product, which has been heavily weighted toward more adult fare like 'Gran Torino' and 'Slumdog Millionaire,' which aren't big concession movies." Overall, the exhibition business, despite years of predictions of doom, is doing just fine. Ticket sales rose 13.1% in January and February compared with last year, and North American box office receipts hit a record $9.8 billion last year, up 1.5% from 2007, according to the National Association of Theater Owners (NATO). But these bullish numbers obscure some ominous signs. Admissions -- the number of tickets sold -- declined 2.5% in 2008, and ticket prices last year shot up from $6.88 in 2007 to $7.18. At the same time, conversions of theaters to digital and 3-D projection -- which many believe represents the future of the exhibition business -- have slowed due to the recession. Several major studios agreed last fall to pay "virtual print fees" of about $1,000 per screen for up to 20 years for digital conversion, a key first step for 3-D projection. Third-party implementors Digital Cinema Implementation Partners (DCIP), a joint venture of AMC Entertainment, Cinemark and Regal Cinemas, and Cinedigm (formerly AccessIT) had raised millions and were ready to begin conversion of half the U.S. screens just as the money froze. "This is where the credit crisis is a true bummer for us," NATO president John Fithian says. "The big deals that will really accelerate the transition are somewhat on hold. The models are all developed. The agreements with the studios are there. To get back on track we've got to see thawing in the credit markets." Cinedigm installed about 3,800 screens before the freeze, including the entire Carmike circuit. It became the first major circuit to fully digitize its 2,500 screens across 37 states in a deal valued at $150 million. But others have had to wait. "We're constrained like everyone else but we're not by any means not doing it," says Bud Mayo, CEO of Cinedigm, which hopes to convert 8,500 screens during the next three years. "We're finding creative ways to work with exhibition and in some cases even the exhibitors' own banks to provide installations." With about a dozen 3-D films headed to theaters this year, some theater chains are scrambling to complete partial 3-D installations on their own while they wait for DCIP and Cinedigm. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! 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