One in four American children might be on food stamps, the ratio of US household debt to disposable income is 125% (which means people owe more than what's coming in) and US unemployment has topped 10% but Hollywood is expecting a record year at the box office. While people are struggling to buy food, there are plenty still going to the movies.
As Reuters reports, Hollywood expects to make more than $10 billion this year on the back of blockbusters like Avatar and The Twilight Saga: New Moon", not to mention hits like Paranormal Activity and The Hangover.
So why is this happening in the worst economic crisis since the Great Depression? Generally, movies do well in hard times with the New York Times quoting analysts saying movies provide people with an affordable escape.
It might also be a sign of the times that people are turning more to blockbusters and big hits. They are looking for more certainty in an era filled with unknowns. It's a point I look in blog entry here.
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