In addition to 39 staff members, the jobs losses include three directors and five concession sales staff.

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While most programs do not charge admission for Midnight Madness, large turnouts nonetheless pose the opportunity to churn revenue in the form of merchandise and concession sales at the arena.

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"MoviePass recently completed nine-months of closed beta trials and saw members increase their movie theater attendance by as much as 64 percent and their concession sales by 123 percent, " said Hamet Watt, cofounder of MoviePass.

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"I think for the market to come back again and for sales to pick up, we'll have to see a little more concession on prices, " Fears says.

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