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CNBC: Despite 'Tough' Summer For Films, It Is 'Not All Gloom And Doom'

Viacom Inc. NASDAQ:VIAB, Viacom Inc. NASDAQ:VIA - CNBC: Despite 'Tough' Summer For Films, It Is 'Not All Gloom And Doom'

"Ben-Hur" was the latest Hollywood bust, which merely adds to a growing list of recent movie failures.

However, the "Independence Day" sequel, "Independence Day: Resurgence," may be the summer's biggest dud as the film collected just $11.2 million during its opening weekend, far short of its $100 million budget.

Viacom, Inc. VIA 0.63% VIAB 0.33%, the studio behind "Ben-Hur," also had to issue a profit warning to investors due to the disappointing performance of its "Teenage Mutant Ninja Turtles" film.

Despite what appears to be a summer full of failure for the movie industry, CNBC pointed out it is "not all gloom and doom." For instance, ticket sales as a whole are up more than 5 percent so far in 2016 compared to the same time period a year ago.

CNBC quoted BoxOffice.com Managing Editor Daniel Loria, who pointed out that the movie industry as no longer a "seasonal business." He added that film studios aren't necessarily saving their best films for the summer as evidence by March's release of "Batman v Superman" and February's release of "Deadpool."

Meanwhile, cinemas are doing a good job in keeping movie watchers interested in going out for a movie experience instead of staying in to take advantage of many of the streaming video options available. For instance, many theaters offer premium seating and cinema dining, which offers moviegoers compelling propositions value at different price points.

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