The news of downward trends among many industries paint a scary picture of the current economy but if you do your homework and search, you find areas of growth and opportunity.
Case in point is the entertainment industry that in a down economy continues to grow box office year after year. On March 29, 2009, the domestic B.O. was up a whopping 40% over the same frame last year, thanks to “Monsters” and Lionsgate‘s horror entry “The Haunting in Connecticut.” This was not an isolated incident and continued on April with the opening of “The Fast and Furious” that brought the box office 65 percent ahead of same week last year.
What makes the success of “The Haunting in Connecticut”, “Monsters” and “Fast” unique is the contribution of Hispanics to the box office office success. According to exit poll stats, Hispanics made up 46% of Furious and50% of Haunting’s audience. The core audience for both movies is young man and women (17-24).
I was not able to find exit polls for “Monsters” but the genre of the film (animation) has children and families as their key demo. I will venture to make an estimate and place the percentage of Hispanic audience for this move at 30%. After all, the majority of first graders at the top 10 DMA’s in the U.S. are Latino. You do the math.
Talk about purchasing power, economics and the implications for corporations targeting Hispanics: they generated about 63 million dollars at box office in 2 weekends. Most film studios recognize this market and its potential but few know how to reach it.
Recent news from comScore on the growth of online Hispanics further highlights the value and potential of the market but also presents the need of experts when communicating with them.
My questions for marketers that have not implemented a Hispanic strategy is:
Can any other segment in your business contribute about 63 million dollars in 2 weekends?
And if you already have a Hispanic strategy, is it effective, efficient or are you leaving money on the table?
Do you know how to reach them on line?
It all starts with how you see the current situation: is your glass half full or half empty. If you have done everything possible int he general market and your glass is half full, it is time you look for new opportunities and fill the other half.
By Ivan Cevallos, Founder and CEO of ethosGroup Inc.
April 17, 2009