'Ice Age' freezes out competition

Ice Age kept its place at number 1 this weekend, soaring above the competition. But is Hollywood behind where it was last year in earnings? According to the Associated Press, "It became the first movie released this year to cross the $100 million mark. ... the industry usually has produced a $100 million hit by February or March." Is Hollywood slacking on quality films or is the public spending its money elsewhere? To find out whether or not the money is being spent in other markets, economists would need to consider substitutes and how they are doing profitwise. Whether or not those markets have increasing, steady, or decreasing profits will be an indicator as to whether or not the movie industry is being replaced by its substitutes.