Why are all movies the same price?

by on March 4, 2005 at 7:30 am in Film | Permalink

Well, not the same price in all cases.  Before 6 p.m. is cheaper, there are numerous dollar theaters, and not all films allow for discount coupons.  Nonetheless a multiplex will charge the same ($9.50 in my case) for the number one movie and for a flop.  Nor is the price more expensive for Saturday night, or during the summer when demand is higher.  Can any economic model predict these results?  Here are a few observations:

1. Theater owners are trying to maximize profit across all screens.  Spillover demand, from people who can’t get in to see their first choice, is a significant source of revenue.  You don’t want markets to clear on a screen-by-screen basis.

2. Low prices encourage queuing, which attracts the young and hardy.  Those same customers are most likely to spread the virtues of movies by word of mouth.  A theater might rather have a young customer than an old customer.

3. Lines for a popular film are one way of generating valuable publicity.

4. A priori, I would have expected the number one movie to sell cheaper, not more expensive.  Moviemakers wish to generate snowball effects for potential hits.  (For purposes of comparison, it reflects commercial prestige to have your books sell for a low rather than high price.)  This also predicts movies will be cheaper in early stages of their run, which does not generally seem to be true.

5. Maybe the whole theatrical thing is a shadowplay for popcorn sales and advertising for a subsequent DVD release.  The theater owner, on his side, may not care so much about getting the profit-maximizing price right.  So he invests in consumer good will by offering a flat price across all films. 

6. The emergence of strict uniform pricing across movies appeared in the early 1970s; it is sometimes suggested that Paramount insisted upon such pricing (illegally) for the release of The Godfather.  (The 1948 Paramount decision limited the involvement of the distributor in pricing decisions, but there is pressure nonetheless.)

7. Variable pricing would divert movie demand to weekdays, which would make it harder for a film to be number one at the box office for its opening weekend.  And since a top  movie will sell out in any case, why bother lowering the price for Saturday night?

8. With differential prices you might buy a ticket for a cheaper movie and walk into the more expensive movie.

You could ask related questions about why restaurants do not tack on a surcharge for Saturday nights, although I find this practice is becoming more common.  As far as the movies go, I will put the most weight on #7.  And I have turned on the comments section…

1 Edward Cotton March 4, 2005 at 8:35 am

Variable pricing is likely to become an important strategy in a number of categories- record companies are talking about it for music downloads, 10 years ago Coca-Cola talked about a vending machine that could sense temperature and alter price accordingly and 7-Eleven have thought about charging people more if they shop in the early hours of the morning.

This is going to be a big trend for those retailers and distributors who have captive audiences.

2 David Ely March 4, 2005 at 9:31 am

Since most box offices use computers now, it wouldn’t be hard for them to automatically adjust prices to match demand. You’d pay the standard amount for a new movie, but then as attendance drops over the next few weeks the computer could lower the price. I know there are a lot of movies that I’d kind of like to see, but won’t rush out on openening weekend for. I’d probably go a few weeks later for $4.50, and it would be better for the theater than what they’re currently getting from me: nothing.

3 Chris Cagle March 4, 2005 at 9:48 am

I’m a film studies guy not all that up on the contemporary industry (I focus more on the postwar years). That said, #5 strikes me as the most plausible explanation. It’s an exaggeration to say that theatrical boxoffice doesn’t matter, but for theatres themselves, the profit margin on ticket sales can be slim, and concession sales comprise much of their profit.

#1 makes sense given that there’s a large subset of filmgoers who simply seek to be entertained for two hours and will substitute less in-demand films if necessary. (Steve is onto something with variale theatre sizes of multiplexes). For others who demand specific films, they will often substitute less in-demand days/times, though they’re also increasingly watching on video.

I’d add that distributors don’t set the price, but they do set the rental terms. It’s my understanding (correct me if I’m wrong), that a minimum vs. intake charge is levied to the theatre: for instance, a theatre would pay $3500 or 50% of the boxoffice, whichever is greater. This wouldn’t rule out profit maximization, but it definitely gives theatres and theatre chains less room to experiment with price discrimination.

#3,4, and 7 have more to do with the economic interests of the producers and distributors than the exhibitors. These causal explanations needs some mechanism (like above) to translate those interests down to exhibitor practice.

By the way, uniform pricing dates way back, to the nickelodeon days and the early silent era of $1 and $2 admissions – if what we mean by uniform pricing is not uniformity between all exhibition outlets (movie palace vs. neighborhood vs. small town) but instead uniformity for all screenings at a given theatre. The vertical monopoly issues after the Paramount ruling are just part of a long history.

4 Hamish March 4, 2005 at 10:04 am

I don’t how it is in the U.S. but in Australia and Germany Tuesdays are cheap days at the movies. Tuesday is now one of the most popular days to go to the cinema because of this. So there is some price differentiation at work.

The guy that runs EasyJet has opened an “EasyCinema” where the prices for tickets were based on demand. Last thing I heard the distributors refused to give him films to show because they didn’t like his ticket pricing model.

http://www.easycinema.com/

5 Andrew March 4, 2005 at 10:24 am

Another example of price variability to consider might be the regular and fairly quick availability of DVDs (or videos) since a lot of people seem to divide movies into “DVD movies” and “theater movies” with the price of group 1 a maximum of $3 or $4 per showing compared to $10 per person for group 2.

I believe I’ve also read that movie studios discourage variable pricing at movie theaters because it might signal lesser quality for a cheaper movie and discourage box office further or offend the directors/actors of the movies. Concern about bos office might be even more true now that opening weekend box offices are so significant. Also, studios might not like seeing their prestige releases like “Finding Neverland” priced cheaply based on box office along with “Are We There Yet” priced cheaply based on quality. If the main factor in pricing is time (matinee bargains, DVD new releases more expensive or having a shorter rental period) then all movies move together. As to why the exhibitors don’t go object, I believe #5 makes sense: the profits from a $4 coke probably help.

6 Jeff Ely March 4, 2005 at 10:27 am

Among Tyler’s suggestions, only 8 would imply that a ticket to “Dude Where is My Car?” sells for the same price as “Titanic.” Most of these might imply that the price for an individual movie may not be set to clear the market, but that is not the same as saying that two movies with different demand schedules sell at the same price.

But if 8 were the reason then theaters that have only one cinema would be free to charge different prices for different movies. But they don’t.

Explanation 1 can’t be right or the same argument would imply that there are no first-class seats on airplanes.

I suspect that minimizing the complexity of pricing policies makes it easier for theater chains to collude. A deviation from a uniform pricing policy is easy to detect. (and easy to detect that it has been detected…)

7 Small Paul March 4, 2005 at 10:38 am

There is the benefit of it being simpler. I don’t have to wonder what the price will be of the film I want to see at my local cinema if I know the price of tickets anyway.

Simplicity. Ah…

8 Dennis March 4, 2005 at 11:10 am

The exhibitors’pricing policy is constrained by their bargain with the distributors. Exhibitors receive a percentage of the box office, in some cases quite small in the first few weeks of release. Often, the exhibitor’s percentage will increase in the weeks after opening so that the exhibitor may actually make more money (in terms of ticket sales) with a half empty theater than in the opening week. The exhibitor often makes most of its money from concessions and advertising revenue.

9 Kendall March 4, 2005 at 11:36 am

Sherwin Rosen and Andy Rosenfield wrote a paper in the Journal of Law and Economics in 1997 that has always explained this phenomenon to my liking. I have taught it in my undergrad classes several times. They argue as follows:

let D be the impatience factor for consumers, and let r be the (large number of identical) consumers’ spot reservation price. If consumers are very impatient, the seller does better by holding back tickets until the day of each performance and selling them at price r. Inducting backwards, the seller has to charge r for the last performance, since that’s everyone reserve price that day. Now in the penultimate performance, customers would be indifferent between this performance or the last one if they expected the seller to drop prices by r(1-D) tomorrow, but since the seller is actually going to charge r tomorrow, not rD, there will be excess demand to the penultimate performance, and sellers can charge the full r at this performance too.

Working backwards, the price has to be r in every period. Excess demand declines over time as more customers are served, but nonprice rationing is always the optimal policy.

It’s basically a price-discrimination problem applied to intertemporal demand.

10 Afsheen March 4, 2005 at 1:47 pm

Here in LA, the theater I most often frequent* actually does have variable pricing — movies that have been out for a few weeks are discounted by $1 for members (membership is free).

Besides that, tickets are $14 at peak times (Friday night, Saturday night, and Sunday afternoon) and $11 off peak.

* http://www.arclightcinemas.com

11 BlueGirl March 4, 2005 at 2:58 pm

#5 “Maybe the whole theatrical thing is a shadowplay for popcorn sales…” is dead on. My friend managed movie theaters for many years and explained this to me in some detail. He told me that most theaters *take a loss* on the actual movies themselves. What they pay out for the films is much higher than what patrons are paying in to see them.

Theaters turn a profit by selling patrons $8.00 Cokes and $5.00 Junior Mints. The amount of market research that goes into movie concession sales is staggering. The age, wealth and race of the theater’s patrons have a drastic effect on what is offered at the snack stand, as well as the geographic region.

Additionally, with the growing ease of watching movies at home with cable, satallite TV, Netflix, etc., movie houses are looking for more ways to get patrons in the door and to keep them there. Cafes, arcades, laser tag and premium viewing rooms are just some of the ways theater owners are hoping to lure us off our couches.

It will be interesting to see if and how the movie theaters of the future continue to attract customers.

12 Tom Hanna March 4, 2005 at 4:39 pm

So far as the difference between weekday and weekend prices, student (cheap) labor is more readily available on weekends, so the cost of running the box office, concession stand, etc. may be as big a factor as higher weekend demand.

13 sohcahtoa March 4, 2005 at 9:29 pm

I was just thinking, as I was falling asleep last night, that, somewhat like a plane ticket, an empty seat at a movie theater is most valuable just before the film begins, and that the theater would be better off selling a seat for $1 than leaving it empty. I envisioned, sleepily, a holding pen of myself and everyone else who registered being willing to pay $5 to see Constantine at 7pm, and, moments before the movie starts, the theater deciding the cut off and letting us in.

Of course, those who had paid $14 earlier would be grumpy, but they’d have better seats.

14 Christopher Burkey March 5, 2005 at 12:40 am

Wow I had some great ideas:
1. You can’t have variable prices because then everyone would wait until ticket prices go down on a movie before they see it.

2. They should give out coupons to people to encourage them to come back and see the same movie a second time. Or to give the coupon to a friend so they will come to see that SAME movie while they still can.

15 Patrik March 5, 2005 at 12:23 pm

Here in Hasselt, Belgium, we have a midsize complex of 14 screens. To avoid queuing, there are 6 maned stations for buying tickets where you can pay cash and about 12 terminals where you can pay with a debit card. Strangely enough, paying at the terminals is a bit more expensive. You would think that with the high labour costs here, it would be the other way around.

The prices however are variable. A normal film costs about 7,50 euro. They will ask more for a major blockbuster (sometimes 9 euro or more) knowing that people will pay the extra anyway to see the film.

A bit stranger is that if a digital version of a film plays, they will also offer the classic film version. The film version is regular price, the digital version you pay a premium of 9 euro. The quality of digital however is excelent.

The spill over effect is very apparant on Mondays. On most Mondays, the majority of the 14 screens won’t fill up with more then 25 people though they can each seat about 120 to 430 visitors. On the first Monday of the month, the prices for all films comes down to 5 euro and results in a lot more visitors. The screens showing blockbusters are the first ones to fill up. The late comers are then forced to see another film then the one they wanted to see. By the time all the films start, practicly all the screens are full.

16 Bob March 5, 2005 at 6:02 pm

One possibility that Tyler did not touch upon…why not price higher for longer movies? In fact they do at the Kinepolis here in Leuven, Belgium: I paid 7.50 for Ray, which clocks in over 2 hours, while I paid only 7.00 for the Life Aquatic, which is just under 2 hours. One would assume the quality or popularity of the film should affect its market price, but in fact here apparently it is the duration of the film that actually influences the pricing. Does a movie over 2 hours really have an added marginal cost to such an extent that warrants a price raise? Or, in an oligopolistic market, is this just a good excuse to jack the price for some movies?

17 Econ fan March 6, 2005 at 6:09 pm

Why are comments normally off? This is stupid and self-important.

18 flaime March 6, 2005 at 11:40 pm

Actually, distributors set most of the price for movies. They tell the theatres what they have to charge. The theatres don’t make money off ticket prices. They make money off concessions.

19 Frank DeWith March 9, 2005 at 4:52 pm

Multiplex owners attempt to balance supply and demand not by manipulating price, but by adjusting supply. The hits will be shown on several screens and in the largest theatres.

As for the flops…well there is an audience out there for any movie, even the flops. There were people willing to pay $9.50 to see Gigli. By definition the audience willing to pay to see a flop is smaller than that willing to pay to see a hit, but when that small audience runs out, the theatre jsut ends the flop’s run and swaps in the next flop. That may happen a dozen times during the run of a single hit.

This adjustment of supply allows the multiplex to charge a single price, minimizing their costs while simplifying things for their customers.

However, this does not explain why mid-week and mid-day discounts aren’t used more often to fill mostly empty theatres.

Frank

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42 tower defense May 10, 2009 at 1:22 am

If the price depended on which movie I saw, there would have been times where I couldn’t afford the popcorn AND the price of the ticket. This would leave the theater owner worse off because I wouldn’t have purchased his refreshments as a result.

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