Universal and IMAX extended the 70 mm IMAX showings of "The Odyssey" through mid-September due to overwhelming demand, with screenings in New York City selling out almost immediately. This surge in interest has led many to travel to specialized theaters, with some resorting to in-person ticket purchases due to constant app crashes. September screenings nationwide also remain heavily booked.
This phenomenon underscores the significant role scarcity plays as a social currency in contemporary culture. The difficulty in accessing limited or exclusive items, whether it's a coveted frozen yogurt flavor, a popular tote bag, or a specific film format, has become a powerful cultural force, according to marketing experts.
Paul Hardart, a professor specializing in film and television marketing at NYU Stern School of Business, views the demand for "The Odyssey" in 70 mm IMAX as a convergence of scarcity and high-value cultural currency. He notes that the threshold for attending a movie in theaters has risen significantly since the pandemic. "Coming out of the pandemic, what has changed — particularly in the movie business and particularly the theatrical movie exhibition experience — is people go to comedies, dramas, and adventure movies less frequently," Hardart explained. The promise of a unique experience is now a primary motivator for audiences to leave their homes.
"To get me out of my home, it’s got to be worth it," Hardart said, pointing to "The Odyssey" as a prime example of a film that delivers such an experience. He added that audiences are willing to pay extra for films presented as intended, especially when the format is rare. The achievement of securing a 70 mm IMAX ticket not only provides access to the film but also offers social bragging rights due to its exclusivity. Hardart observed that this trend of seeking exclusive experiences extends beyond cinema to concerts, festivals, and other in-demand events, citing the example of people at the U.S. Open documenting themselves with expensive, specialty drinks.
Jared Watson, an assistant professor of marketing at NYU Stern who studies consumer culture, introduced the concept of signal theory. This theory suggests that people use their purchases and possessions to communicate desirable but not immediately observable traits, such as being hip, smart, or likable. In the age of social media, experiences have become as potent as material objects in signaling identity. "We’re all constantly trying to show people who we are and what we’ve done and the life that we have," Watson stated. "And scarcity is really gasoline on that fire."
Watson further explained that the more challenging it is to obtain an experience or item, the greater its social value. Humans derive more satisfaction from acquiring or experiencing something before others do, as its social currency diminishes once widespread access is achieved. "The Odyssey's" 70 mm IMAX screenings fit this pattern, with a limited number of showings, seats, and theaters ensuring that the social value of having seen it in this format remains high.
Ginger Pennington, an associate professor at Northwestern University studying human motivation and consumer psychology, highlighted the role of anticipation. She noted that the pleasure derived from anticipating an item or experience can be more intense than the actual enjoyment of possessing or consuming it. This pre-acquisition satisfaction, which she likens to the pleasure derived from gambling, can be a significant driver of consumer behavior. The effort involved in obtaining exclusive items, like securing tickets to "The Odyssey" in 70 mm IMAX, may therefore provide more satisfaction than the experience itself.