Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020
News Every Day |

Why Moving ‘Wonder Woman 1984’ Could Deepen Movie Theaters’ Troubles

Warner Bros.’ decision to move “Wonder Woman 1984” from October to Christmas Day could potentially help “Tenet” boost its domestic box office. But it will be little comfort for thousands of theaters that now face renewed uncertainty as studios mull yet another wave of release slate changes.

“There was a big push by the major chains to get their theaters open, and now it’s looking like they overplayed their hand,” Exhibitor Relations analyst Jeff Bock told TheWrap. “Now, they’re facing at least six weeks of no major new releases, and possibly longer if the end-of-year slate collapses.

For three weeks, cautious optimism was beginning to build as nearly 3,000 theaters in the U.S. and Canada reopened with capacity restrictions and safety protocols that multiple theater owners tell TheWrap were well received by customers. Numbers were steadily rising at the box office, including a reported $20 million four-day opening for “Tenet” on Labor Day weekend.

But a series of setbacks came this past weekend. Shortly after the “WW84” move was announced on Friday, Universal and MGM announced that it would move the Nia DaCosta horror film “Candyman” out of its late October release to an unspecified date in 2021. Then, WB reported that “Tenet” took a 29% weekend-over-weekend drop to earn $6.7 million, bringing its domestic total to $29.5 million while overall box office business for the weekend only reached approximately $15 million.

On top of that, Warner Bros. has come under fire in the press for not releasing daily box office numbers on “Tenet,” which would provide crucial data for theaters and other studios trying to determine whether business is picking up. Warner Bros. has only released “Tenet” numbers on Sunday to avoid public misconceptions of the film’s performance given the unprecedented circumstances of its release, along with reports that some theaters in smaller markets that have reopened are only doing so on weekends to lower operating costs.

But even given the circumstances, U.S. numbers for “Tenet” look a lot more concerning given newer context. The $20 million Labor Day domestic opening was actually padded by multiple days of preview screenings along with an early release in Canada. In reality, the film grossed only around $9 million during its first Fri.-Sun. run on the weekend of Sept. 4. That calculates to a per-theater average of approximately $3,200. This past weekend, with only 100 more theaters added and several major cities like New York and Los Angeles still closed, the average fell to $2,310.

Some analysts still think that’s solid when graded on the COVID curve. B.Riley financial analyst Eric Wold called the numbers an “encouraging and a positive indicator of demand given all of the COVID-19 headwinds” and “a sign of potentially longer theatrical legs as moviegoers adjust.” Prior to release, B.Riley had projected a domestic run of $50-55 million for “Tenet.”

But Bock says that such numbers are not what any studio wants to see for their $200 million blockbuster.

“There’s no way to cut corners: That’s a poor result, especially for a film trying to bail out theaters,” Bock said. “Credit to Nolan for wanting to try to help theaters and to Warner Bros. for trying this experiment, but these aren’t the results that any tentpole is aiming for to ensure profitability.”

“Tenet” is still hanging on to hope that domestic numbers can be buoyed if New York, Los Angeles, and other key markets reopen in late September or early October. That’s where the “WW84” move comes in. If theaters had reopened in top cities when the DC film was set to open on October 2, Warner Bros. risked having two of its biggest blockbusters competing against each other for audience attention. Now, “Tenet” stays as the main attraction.

But that’s only if county and state officials give theaters the green light — something that is not guaranteed — and provides no relief to the thousands of theaters already in operation that were hoping for “WW84” and “Candyman” to keep business going next month. “Candyman” director Nia DaCosta said on social media last Friday that she is committed to screening her film in theaters, but doesn’t want COVID-19 and its restrictions getting in the way of the theatrical experience.

“We made ‘Candyman’ to be seen in theaters. Not just for the spectacle but because the film is about community and stories–how they shape each other, how they shape us. It’s about the collective experience of trauma and joy, suffering and triumph, and the stories we tell around it,” she wrote. “We wanted the horror and humanity of ‘Candyman’ to be experienced in a collective, a community, so we’re pushing Candyman to next year, to ensure that everyone can see the film, in theaters, and share in that experience.”

That leaves a huge gap in major releases between now and November 6, when Disney is set to release “Black Widow.” Other November releases include MGM’s “No Time to Die” and Disney/Pixar’s “Soul.” If Disney moves those films, it is very likely that other films will follow suit, leading to a chain reaction that could force American theaters back into closure for at least the rest of 2020.

Even Wold, with his more optimistic analysis, says that a big recovery for theaters won’t come at least until 2021, and that any films that release before then but don’t reach theaters in New York and California should be considered “training runs.” The question will be if any studio actually wants to put their films out as a training run after seeing what “Tenet” is making. The major chains — including AMC, which successfully restructured its debts — should be able to survive another closure period in Q4, but the same will likely not be said for hundreds of independent theaters.

“I have to imagine that NATO and the major chains are doing everything they can to convince Disney to stick to November, because if they don’t, we might as well pack it in for the rest of the year. And even if infections keep going down, what’s to say they won’t go back up once flu season hits?” Bock says. “The studios are going to be calling the shots going forward, and they’re probably not feeling encouraged by the instability of the theatrical market, which of course is being exacerbated by the lack of a national coordinated strategy to tackling this virus.”

Related stories from TheWrap:

'Tenet' Slows to $6.7 Million at U.S. Box Office as Theater Reopenings Taper Off

'Mulan' Struggles in China as 'Tenet' Crosses $200 Million at Global Box Office

'Mulan' Is Sinking at the Chinese Box Office, and Here Are 3 Reasons Why



Read also

Trump sidesteps question about poisoning of Putin critic Alexei Navalny: 'We'll talk about that at another time'

Woman makes stunning dress from TEA TOWELS – and the whole thing only cost a tenner

Bridezilla issues bonkers list of wedding rules including BANNING them from talking to her & they must bring a £60 gift



News, articles, comments, with a minute-by-minute update, now on Today24.pro




Today24.pro — latest news 24/7. You can add your news instantly now — here