...Stable Industry Outlook: Fitch Ratings believes the 2014 film slate will support industry-wide box-office revenue levels in line with 2013 ($10.9 billion, up 0.8%), with flat to low single-digit declines in attendance and flat to modestly higher average ticket prices. Fitch believes the 2015 film slate may drive low to midsingle-digit box-office revenue growth, based on the current film slate and expected 2014 performance. Given the hit-dependent and cyclical nature of the industry, this volatility is incorporated within current ratings and Fitch maintains a stable outlook on the industry. Long-Term Attendance Declines: Attendance declined 1.3% in 2013 and Fitch expects 2014 attendance to decline again by low single digits. Absent a very strong film slate, Fitch expects annual attendance growth to remain challenging for the exhibitor industry and expects secular risk, discussed below, will contribute to long-term attendance declines in the low single digits. Modest Base Ticket Price Increases:...
