October 07, 2024
Nope. Movie theatres and virtual reality are different products for different purposes. If VR is developed to a point where it overlaps, then you'll see movie theatres incorporating that technology.
Not many industries were able to grow during the Great Depression of the 1930s, but Hollywood sure did. More recently, 2008 saw millions of jobs lost in North America and record revenues for movie theatres. My point is that it's an extremely durable industry; when the going gets tough, it's still an affordable form of escapism/recreation. People will stop spending money on lots of things, but they never stop spending money at the cinema.
Going to the movies isn't just about the media. It's a social outing (even though no one talks during the movie), whereas VR is a solo activity. Ever notice how comedies are always funnier when there are other people laughing along with you? Going to the movies is a special kind of experience that has yet to replicate by other activities because it mixes media, spectacle, and socializing.
The theatre business is also adaptable. My understanding of this is based on Canada's largest (almost a monopoly) theatre chain, Cineplex Entertainment and I don't know if American chains are doing the same things. The cinema format has stood the test of time, but they are always looking to stay on top of new advances. IMAX has been good, 3D has been successful, movie streaming service. They're also a "big data" company via their rewards program, with digital signage and advertising business as well. The new thing is e-sports. Cineplex is breaking ground on this in North America by hosting e-sports tournaments and broadcasting them to theatres nationwide. It's something that will grow in popularity as the e-sports audience grows on this continent.
Becoming involved with gaming at this point will probably make it easier to incorporate virtual reality experiences in the future. I can't even guess what that kind of integration would look like, but the gaming market seems like a good foundation to have when the time comes.
