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Champagne, filet mignon and a movie on the side: Theaters are taking high-end risks to lure customers [MarketWatch]

IPIC ENTERTAINMENT INC CL A COMMON (IPIC)  More Company Research Source: MarketWatch
PDF Champagne, filet mignon and a movie on the side: Theaters are taking high-end risks to lure customers Luxury theater chain iPic Entertainment Inc. doesn’t consider itself a traditional film exhibitor. Instead, its CEO sees it as a hospitality company that happens to show movies. “This is a restaurant business, and theaters are secondary,” says iPic IPIC, +2.15% founder and CEO Hamid Hashemi. Companies like iPic have decided offering a luxury cinema experience is the silver bullet that will finally lure customers back to the movies and away from at-home entertainment options like Netflix and Hulu. IPic, which has 15 locations in the U.S., offers moviegoers cushy seats, options for highbrow eats and waiter service for between $28 and $30, depending on the city. But while adding these luxury bells and whistles may open up new revenue streams, they also expose exhibitors to increased risk. At iPic’s Manhattan location, moviegoers can sip on champagne and nosh on Parmesan-dusted truffle [Read more]

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