Industry is in decline but its secret in keeping afloat is social media
Promo campaigns like the one “Cloverfield” or “The Devil Inside” got are confirmation that, when it comes to pushing a movie, word of mouth usually beats expensive media campaigns, translating into guaranteed box office success.Even though the movie industry is in decline (because of piracy as well), it somehow manages to keep afloat and, more importantly, even make a profit.
The infographic above, courtesy of Allmand Law, shows just what an essential part social media and viral marketing play in this.
Without these, few would actually go see a movie, especially since there are cheaper options at home, thanks to technology.
Technology, as it turns out, is also providing movie studios with ways to cut costs and maximize profit, such as it is.
“For example, cloud computing – when combined with digital films – saves the industry money on shipping costs by eliminating the need to transport physical copies of films between studios, theaters, distributors or advertisers,” Mashable writes.
“What's more, the movie business is no longer exclusively in the business of movies, with tie-in products such as video games and toys generating profits for studios,” adds the same media outlet.