What has been great for the exhibition industry has been a drag for Blockbuster this year.
Jim Keyes, the video rental chain's CEO, said Thursday that a 14% surge in theater attendance in 2009 means consumers are forgoing rentals in favor of going to the movies.
As the economy tanks, movie attendance in theaters will go up, not down. It seems counterintuitive, going against the folk wisdom that people will cut back by forgoing theater attendance in favor of DVD rentals.
Rather, as people downsize, they will go to movies instead of going out to more expensive venues. This is what I did when I downsized my own life. That's how I knew.
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