In a keynote address at this year's CinemaCon, Michael O'Leary, the newly appointed president and CEO of the National Association of Theater Owners (NATO), emphasized the importance of Hollywood prioritizing a diverse range of movies for the survival of the box office. O'Leary acknowledged the success of blockbuster films but stressed the need for a strong market for movies with smaller or medium-sized budgets.

O'Leary, who joined NATO in 2023 after his tenure at the Entertainment Software Association, highlighted the success of mid-budget films from the past year, citing examples such as Cord Jefferson's Oscar-winning literary satire "American Fiction," romantic drama "Past Lives," and Japanese action-adventure "Godzilla Minus One." These movies proved that there is a demand for films beyond the tentpole properties that dominate the box office.

While acknowledging the shift towards streaming services during the pandemic, O'Leary expressed confidence as major studios like Disney and Warner Bros. have consistently reaffirmed their commitment to the big screen. He emphasized that movies with theatrical exclusivity have a greater chance of success across subsequent platforms, appealing to both movie fans and those looking to make a profit.

The economic challenges faced by cinema owners were also a major concern raised by O'Leary. Despite the success of blockbusters like "Barbenheimer" and "The Super Mario Bros. Movie" in 2023, the box office has struggled to fully recover from the impact of the pandemic. O'Leary highlighted the need for financial support and urged the financial industry to invest in theaters as a smart investment.

In addition to O'Leary's address, Motion Picture Association (MPA) chairman and CEO Charles Rivkin focused on the issue of online piracy. Rivkin estimated that theater owners lose over $1 billion at the box office due to piracy. The MPA is actively working with members of Congress to enact judicial site-blocking legislation in the United States to curb piracy and protect the business.

Rivkin explained the concept of site-blocking, emphasizing that it disrupts the connection between pirates and their intended audiences. He stated that this measure would only affect sites hosting illegal content, requiring detailed evidence and allowing perpetrators to appear in a court of law. Rivkin highlighted that site-blocking is already prevalent in almost 60 countries, including democracies and close allies of the United States.

To conclude the opening remarks at CinemaCon 2024, O'Leary returned to the stage, expressing optimism about the future of the movie theater business despite the current marketplace challenges. With a focus on variety, the continued commitment of major studios, and enhanced measures against piracy, the industry aims to bounce back and deliver an engaging cinematic experience for moviegoers in the coming years.

According to movie theater analysts, it is projected that the industry may not fully recover until 2025, requiring sustained efforts from stakeholders to overcome the impact of the pandemic and piracy challenges.