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

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.

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]

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]

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.

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]

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.

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."

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.