Click to play videoWashington: Many people in the United States of America have now begun to rethink their spending because of the economic slowdown. Some are cutting down on luxuries like eating out. But one activity seems to be holding up rather well. That is their one retreat from the economic gloom.
22-year-old Gibran Gaither is just another American to have been hit hard by the financial crisis in the US. He acknowledges that he is hit just as hard by the economic meltdown as have been millions of others in the country.
That means among other things, less of eating out and staying indoors oftener.
"Pretty much every night I'm making Ramen noodles," said Gibran Gaither. But Gaither maintains that there is one activity that he will splurge on.
"That's movies.That's my getaway. That's my escape," said young man.
And this young man is not the only one cutting back on everything else but films.
Countless other industries from tourism to automotive are hurt by the souring US economy but the movie-business is a different story.
"In five of the last seven recessions, movie box office revenues were up.People tend to go to the movies as a place to get away from it, to relax," said Dan Glickman, the chairman and CEO of the Motion Picture Association of America (MPAA).
Year to date figures show the Box Office is holding steady compared to the last year. That's a reassuring sign to movie studios as they prepare to roll out their budget fall films, including the latest 007 Bond adventure "Quantum of Solace".
Some film studios are feeling the economic pinch already.
Paramount Pictures, woned by media conglomerate Viacom is sizing down its list of films slated for 2009 to save money.
"The economy hasn't affected the way I go see movies but it has definitely affected other things though," confessed Gaither.
"After each paycheck I put at least 20 dollars aside.I put money aside so I can go to movies," he said of his escape from the reality that hurts.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.