BREAKING… EXCLUSIVE: This is a fast-moving story so it’s hard getting all the facts straight. Summit Entertainment is pacting with Living Social to offer discounted movie tickets for Man On A Ledge. While its new parent company Lionsgate has done a Groupon movie ticket discount for One For The Money. The deal for Groupon is consumers can buy up to two tickets at a cost of $6 each. The promotion went live last night at midnight and continues for 48 hours until end of Friday. The tickets can be redeemed until March 31st. The Living Social deal is $12 for two tickets valid for up to 4 weeks. The ability to get the promotion starts tomorrow and lasts through Saturday. This is one of the few weekends when both Lionsgate and Summit will be competing with one another at the box office. Obviously this problem happens when you integrate companies and won’t continue much longer. But for now it’s awkward as hell. Thankfully each movie is going after a different audience: one decidedly male and one decidedly females.
Lionsgate was among Hollywood’s first studios to pact with Groupon for discounted movie tickets. That’s when theater owners still get full price with third parties paying the difference. Last spring’s opening-weekend Groupon discount of The Lincoln Lawyer had Lionsgate paying the difference as a promotional cost. But theater owners are leery of letting moviegoers become accustomed to having someone else set ticket prices, especially discounted ticket prices. Fellow studios are leery of artifically hiking box office grosses because when any discount or coupon is used at a theater the exhibitors still report gross receipts based on the value of the tickets sold. Nevertheless consumers will benefit when Lionsgate and Summit lower ticket prices. No word yet on the price but it could be as low as $1 Hmm, Groupon $1 tickets and Redbox $1 rentals: what happens when consumers decide $11 bucks is now too much to pay for any new movie?