Opening Title Sequence- film industry

Why are opening title sequence important to the film industry?

Opening title sequences can be considered very important peice in a film as they are the first thing the audience see's at the begining of a film, other then trailers and advertisments.
Opening title sequences are very quick lasting roughly 2-3 minutes however in that short period of time the audience can gain alot of information; for example the film-makers intensions, sometimes who's the main character(s), genre and maybe the storyline sumed up.
Saul Bass, a graphic artist in the film industry once said "making a main-title was like making a poster, your condensing the event into this one concept, this one metaphor a back story that needs to be told or a character that needs to be introduced".
Title sequences also tell the audience who created them and what the audience can expect from this film they are about to watch.
For example, if one looks at the title sequence and decides that it is not very good, their first impression might be that the rest of the film won't be good either.
On the other hand, if one thinks the opening title sequence is great, they would want to watch on and see the rest of the film as it draws the viewer in.
personally i think the opening title sequences play a huge part not onlt in the film industry and also the film it self.

what makes a good opening:
good lighting
good music
not giving to much away
good mise-en-scene
characters - main character - industry to promote stars - audience desire
action films - an explosion- stunts pyrotechnics - dramatic - narrative
genre made clear or ambiguous (tarantino)
short prologue, before it starts
good sound, editing, performance and cinematography
anigmas, questions?
introduces location, message and values
wow factor so that it makes you want to keep watching.