Are you not entertained ... by our movie-related indicators?

Summary

The Indicator from Planet Money - Episode Summary Episode Title: Are you not entertained ... by our movie-related indicators? Release Date: July 18, 2025 Hosts: Darian Woods and Waylon Wong Guest: Angel Carreras

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Introduction

In this episode of The Indicator from Planet Money, hosts Darian Woods and Waylon Wong delve into the economics of the movie industry, exploring various indicators that shed light on current trends affecting both consumers and filmmakers. Guest Angel Carreras joins the conversation to provide additional insights into the state of movie-related economics.

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1. Decline in Movie Ticket Prices Amid Inflation

Timestamp: [03:10] – [04:11]

Darian introduces his indicator: a negative 0.3% change in the prices of movie tickets, concert, and theater tickets between May and June. This decline is part of a broader trend where discretionary spending on entertainment is becoming more affordable. Key points include:

• Deflation in the Fun Industry: The decrease in entertainment prices contrasts with rising costs in other sectors.

  "Deflation in the fun industry." – Waylon Wong [03:21]

• Consumer Price Index Insights: While entertainment costs are dropping, other areas such as food, appliances, and toys are experiencing price hikes. The overall annual inflation rate has risen to 2.7%, surpassing the Federal Reserve's target of 2%.

  "Overall, the year's inflation grew to 2.7%, and that is higher than the Fed would like it at 2%." – Darian Woods [03:51]

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2. Impact of Tariffs on Consumer Spending

Timestamp: [04:11] – [05:09]

The conversation shifts to the influence of tariffs on various products, leading to increased costs for items like barbecues and tomatoes. This economic pressure causes consumers to cut back on discretionary spending, indirectly affecting the entertainment sector. Highlights include:

• Tariffs as a Double-Edged Sword: While tariffs raise prices on certain goods, they also push consumers to seek more affordable entertainment options.

  "As tariffs jack up the price of barbecues or tomatoes from overseas, we find other things to cut back on." – Darian Woods [04:47]

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3. Reducing Red Tape in Los Angeles for Film Production

Timestamp: [05:23] – [07:06]

Waylon presents his indicator: the number of members on the Los Angeles County Board of Supervisors, currently at five. This week, these supervisors unanimously passed a motion to reduce bureaucratic hurdles for film and TV productions in LA. Key discussions include:

• Challenges in Permitting: Filmmakers have long struggled with costly and time-consuming permitting processes. Director Aaron Moorhead shares his frustration:

  "It is an absolute headache to permit in Los Angeles." – Aaron Moorhead [06:16]

• Governmental Response: Although the motion to review the permitting process has been passed, significant changes are yet to materialize. The hosts express skepticism about the speed of governmental reforms.

  "The wheels of government, they turn so slowly." – Angel Carreras [07:08]

• Industry Implications: The effort to streamline permitting aims to retain Hollywood's status by making LA a more attractive location for filmmakers, potentially reversing the trend of productions moving to other states or countries for tax incentives.

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4. Advance Movie Reservations and Christopher Nolan's Influence

Timestamp: [07:38] – [09:40]

Angel introduces his indicator: 365 days, representing the number of days in advance one can reserve tickets for the upcoming Christopher Nolan film, The Odyssey, starring Tom Holland. This unusually long reservation period highlights Nolan's significant draw and the anticipation surrounding his projects.

• Nolan's Box Office Power: Christopher Nolan’s films are treated as major events, consistently attracting large audiences and generating substantial revenue even without relying on existing intellectual properties.

  "It's kind of crazy that just like a name alone can make nearly a billion dollars on a movie that has nothing to do with any pre-existing IP." – Angel Carreras [09:37]

• Consumer Behavior: The high demand for Nolan’s films leads to extreme measures by fans, including crossing state lines solely to watch his movies in IMAX theaters.

  "Cinephiles, the letterboxd bros, they just respond to his work." – Angel Carreras [09:20]

• Theater Strategies: In response to such demand, theaters implement various tactics to attract customers, such as unique popcorn vessels, discounted days, and other promotions that may contribute to the observed deflation in ticket prices.

  "Whether it's kind of weird, popcorn vessels, dune bucket, 50% off days. Maybe that's part of the ticket deflation." – Angel Carreras [09:49]

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5. Upcoming Episodes and Conclusion

Timestamp: [10:24] – [10:57]

The hosts tease an upcoming special episode focused on Business Movie Trivia, where Darian, Adrian, and Waylon will compete in a trivia battle. They also acknowledge the production team and encourage listeners to stay tuned for future episodes.

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Notable Quotes

• Darian Woods [03:51]: "Overall, the year's inflation grew to 2.7%, and that is higher than the Fed would like it at 2%."

• Aaron Moorhead [06:16]: "It is an absolute headache to permit in Los Angeles."

• Waylon Wong [03:21]: "Deflation in the fun industry."

• Angel Carreras [09:37]: "It's kind of crazy that just like a name alone can make nearly a billion dollars on a movie that has nothing to do with any pre-existing IP."

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Key Takeaways

• Entertainment Affordability: While some entertainment costs are decreasing, rising inflation in other sectors continues to pressure consumers' discretionary spending.

• Regulatory Environment: Efforts to reduce bureaucratic obstacles in LA aim to sustain Hollywood's prominence but face inherent governmental inertia.

• Star Power Impact: Renowned directors like Christopher Nolan have a significant influence on movie economics, driving high demand and unique consumer behaviors even amidst broader economic challenges.

This episode provides a comprehensive look at how various economic factors intersect with the movie industry, offering listeners valuable insights into both consumer trends and industry responses.

Transcript

[Angel Carreras]

Npr.

[Darian Woods]

This is the Indicator from Planet Money. I'm Darian Woods.

[Waylon Wong]

And I'm Waylon Wong.

[Darian Woods]

Waylon, I've got a story for you.

[Waylon Wong]

Ooh, story time. Okay.

[Darian Woods]

Once upon a time there was a producer who loved movies very much. He decided to make a whole week long podcast series about it.

[Waylon Wong]

Wait a second, this sounds familiar.

[Darian Woods]

His name simply Angel Carreras.

[Angel Carreras]

We have not received any hate letters. I have not been publicly crucified. So I think we have succeeded with flying colors.

[Waylon Wong]

Yay.

[Darian Woods]

You should hate. Let us to indicatorpr.org Please don't do that.

[Angel Carreras]

No, you've been so fragile.

[Waylon Wong]

Angel Carreras has entered the chat. Welcome to the show, Angel.

[Angel Carreras]

So nice to see you guys and be here.

[Waylon Wong]

And you are here just in time for Indicators of the week.

[Angel Carreras]

Consider me a Mexican Charlie Chaplin with a tiny little bowler cap. I'm tipping it to you because we are capping off movie week with a film related Indicators of the week today.

[Darian Woods]

On the show, why one film is letting you reserve tickets one year in advance, why entertainment costs are going down, and how L A might be cutting back on the red tape when it comes to making movies there.

[Waylon Wong]

All that coming up after 30 minutes of trailers.

[Judy Abrams]

Support for this podcast and the following message come from Fisher Investments SVP Judy Abrams shares the experience she hopes to create when meeting a prospective client for the first time.

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One of the ways that I work to establish trust is to listen. We're going to be asking you questions to make sure we truly can understand what's going on with you. Then we can make decisions not only for the present moment, but also for whatever direction you're going into.

[Judy Abrams]

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[Angel Carreras]

We're back from the break. Darian, what is your indicator?

[Darian Woods]

My movie indicator is negative 0.3%. And that's how much the price of movie tickets plus concert and theater tickets went down between May and June.

[Angel Carreras]

Whoa.

[Waylon Wong]

Deflation in the fun industry.

[Darian Woods]

Yeah. This is a happier number for moviegoers. And it was in this week's consumer Price index release, the big inflation report. It's part of a wider trend of discretionary spending dropping in price. If you watch movies at home, streaming prices were flat. And in travel, hotel and motel rooms cost less. Airline fares were cheaper.

[Angel Carreras]

It's like a 21 air horn salute, but positive. Right? This is good.

[Darian Woods]

Not so fast, Angel. It's early days. Overall, this month's inflation report showed prices are up in other areas. So you got food prices rising, appliances costing more, toys are getting costlier. Overall, the year's inflation grew to 2.7%, and that is higher than the Fed would like it at 2%.

[Waylon Wong]

And all those things you talked about, food, appliances, toys, I mean, they're all affected by tariffs, right? Is that the common thread?

[Darian Woods]

Yeah. The long anticipated price increases because of tariffs are emerging. It's still not earth shattering at this point, but, you know, the snake's head has turned. We've gone from disinflation to rising inflation again.

[Angel Carreras]

Well, at least we have cheap movies to comfort us. They're not affected by tariffs. Right?

[Darian Woods]

Right.

[Waylon Wong]

Well, no tariffs yet, but remember, President Trump was threatening tariffs on foreign made movies back in May. Nothing's really happened there yet, but anything is possible.

[Darian Woods]

But to your point, angel, tariffs may be playing a role in this, but kind of in the opposite way. As tariffs jack up the price of barbecues or tomatoes from overseas, we find other things to cut back on. And so one theory is perhaps at the box office that means that cinema owners might be lowering their ticket prices to lure in more customers.

[Angel Carreras]

Well, congratulations, Darian. You've turned movie ticket joy into. Into a ha ha ha ha horror film.

[Darian Woods]

I like an emotional act in my plot lines.

[Angel Carreras]

Oh, boy. Speaking of plot lines, someone who usually has positive plot lines, Waylon Wong, what is your indicator of the week?

[Waylon Wong]

My indicator is 5. That's the number of members on the Los Angeles County Board of Supervisors. And this week, these five board members unanimously passed a motion aimed at cutting red tape for Film and TV production in la. It's the latest move by government officials in California to revive Hollywood's flagship business.

[Darian Woods]

So people Shooting Away from Hollywood was an episode that we did as part of our film series. And we talked about how filmmakers are getting tax credits to shoot in other states and other countries.

[Waylon Wong]

That's right. And so there's been a big push by folks in Hollywood to make Los Angeles a more hospitable place for film and TV production. And these LA county supervisors are tackling one issue that filmmakers have complained about, and that's red tape and permitting. So we interviewed a director named Aaron Moorhead for our film series, and he talked about how frustrating all of the permitting stuff can be.

[Aaron Moorhead]

It is an absolute headache to permit in Los Angeles. All right, let's say you want to shoot in your house for five days. It's $800 just to apply. And they might say no. And that's just your house. Like if you need parking, you know, if you need to take over another little area. And then if you apply for a sixth day, that starts a new week, and it's another $800, and I think it's more than 800.

[Waylon Wong]

The permit application fee is actually over $900 right now.

[Darian Woods]

Wait, why do I need a permit to shoot in my own house?

[Waylon Wong]

Well, you'd have to pay for just the application to shoot in. And they might say, no, you can't shoot in your own house.

[Darian Woods]

And so how is this process changing in la?

[Waylon Wong]

Well, nothing's changing quite yet. This is government, after all. They have passed a motion to review the permitting process. So we're still, I think, a few steps away from some concrete changes.

[Angel Carreras]

The wheels of government, they turn so slowly.

[Waylon Wong]

I know, it's not very cinematic, right? Like the scene of the supervisor sitting around saying, we should have a review.

[Darian Woods]

At least a meeting about meetings.

[Waylon Wong]

But, you know, these moves are important to filmmakers like Amy Aaron. He told us that this recent conversation around permitting is actually the first time he's ever heard it discussed publicly since he got into the business.

[Darian Woods]

It all gets revealed on the indicator. Now, speaking of revelations, angel, tell me about your indicator. Oh, no.

[Angel Carreras]

I fear another immortal weaves a snare to trap me, urging me to abandoned ship. I won't. Not yet.

[Darian Woods]

That's really good, Angel.

[Angel Carreras]

That's a quote from Odysseus, from Homer's the Odyssey.

[Waylon Wong]

I thought it was the Sea Captain from the Simpsons.

[Angel Carreras]

I mean, listen, we are talking about Homer's the Odyssey. Anyways. But anyways, yesterday I tried to defy the reservation gods. I tried to grapple them and put them in a headlock and get a ticket to Christopher Nolan's cinematic take on the Odyssey, but they did not get a ticket.

[Waylon Wong]

Wait a minute. But that's not coming out for a whole year.

[Angel Carreras]

Yes, it is coming out a year from now. And that is my indicator 365. That is the amount of days in advance you could have reserved a big format ticket to this movie, the Odyssey featuring Tom Holland and various handsome men.

[Waylon Wong]

Honestly, I'm so excited.

[Darian Woods]

Okay, so I mean, is this just a publicity stunt to have reservations so far in advance?

[Angel Carreras]

Well, I mean, it's not a publicity stunt. The demand was there. And yeah, it's bizarre to have reservations a year in advance, but I mean, most films have you queuing up much closer to release. Warner Brothers, for instance, their quarter billion dollar high flyer Superman, for example, had reservations only a month out. And that's Superman, dude.

[Darian Woods]

What is it about Nolan?

[Angel Carreras]

Well, I mean, like these movies, specifically Christopher Nolan's movies are like an event. You could put anything on IMAX these days like Marvel's Thunderbolts or Joker, Foy les Deux, but I don't know. Do these have audiences trust? Not as much as Christopher Nolan. Cinephiles, the letterboxd bros, they just respond to his work. Some have crossed state lines just to see his stuff in IMAX. 70 millimeter IMAX as well.

[Darian Woods]

Right. He's the guy that reignited the Batman franchise that brought in a couple of billion dollars.

[Angel Carreras]

Yeah, it's kind of crazy that just like a name alone can make nearly a billion dollars on a movie that has nothing to do with anything, with any pre existing IP like you know, inception that hovered around $800 million worldwide.

[Waylon Wong]

Oh, wow. One of my favorite movies ever.

[Angel Carreras]

Yes, yes. When it comes to Christopher Nolan, he's always dreaming bigger. Darling. That's my androgynous.

[Waylon Wong]

Oh, Hardy, is that you?

[Angel Carreras]

You know, while theaters are doing so many things to bring people back, whether it's kind of weird, popcorn vessels, dune bucket, 50% off days. Maybe that's part of the ticket deflation. Darien. Theater owners and audiences will always want to go to an Odyssey with one Christopher Nolan.

[Darian Woods]

If we're going to do an indicator Odyssey week of movie related episodes, I will trust you. Angel Carreras.

[Angel Carreras]

Oh, brother. Where are the. I'm trying to think of other Odyssey.

[Waylon Wong]

You know, they call him the Mexican Charlie Chaplin. You are the hero. We deserve Angel. Thank you.

[Darian Woods]

And we also need to thank the producer of this episode, Cooper Katz McKim with engineers Debbie Daughtry and Catherine Silver. This episode was fact checked by Julia Ritchie Cake and Cannon is our editor. The indicator is a production of npr.

[Waylon Wong]

Hey you listener. We've got another episode for the movie series, a special treat on Sunday when Darian, Adrian and I are going to battle it out on Business Movie Trivia. So stay alert. That's coming in your feed on Sunday.

[Judy Abrams]

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