Hollywood Reconsiders Movie Releases Amid Pandemic
by EG
Christopher Nolan's Tenet became the first big-budget movie to release in US movie theaters since the beginning of the pandemic, and the release didn't go particularly well. That's making movie studios rethink whether they want to gamble on putting expensive movies in movie theaters before moviegoers are ready to go back. Wonder Woman 1984 has already been delayed until December, and the same could happen to Black Widow. Read on for details.
Intentional or not, Sony Pictures Entertainment chairman-CEO Tony Vinciquerra set off a maelstrom when addressing the state of the box office at a Sept. 9 Bank of America investors conference. “What we won’t want to do is make the mistake of putting a very, very expensive $200 million movie on the market unless we’re sure theaters are open and operating at a significant capacity,” he said.
The comment was considered poor form by those working in the fragile Hollywood ecosystem who are once again trying to release big movies in actual theaters amid the ongoing coronavirus pandemic. Yet Vinciquerra underscored what is fast becoming apparent: The U.S. box office recovery has been derailed as Christopher Nolan’s Tenet stalls domestically, key moviegoing markets such as Los Angeles and New York City remain dark and more studios delay their 2020 tentpoles out of concern that consumers aren’t ready to return to indoor cinemas.
But, in a game of chicken or the egg, theaters both stateside and in many other countries need new Hollywood product to restart (China, boasting a backlog of local product, is a major exception). Vinciquerra didn’t mention Tenet by name despite the fact that the Warner Bros. espionage epic cost $200 million to produce before marketing. Tenet began rolling out overseas — where, unlike in the U.S., many cinemas have now been reopened for weeks — on Aug. 26, followed by select U.S. cities on Sept. 3. Through Sept. 13, the movie’s global gross stood at $207 million, including a massive foreign total of $178 million and a paltry $29 million domestically (or an 86 percent to 14 percent split).
“Warner Bros. knew after last week’s turnout that the domestic release of Tenet was a costly, failed experiment,” says Jeff Bock of Exhibitor Relations. “Who thought it was a good idea to open theaters a month after China when we are months behind them in taking care of COVID? This movie meltdown could have been avoided had they done their homework. Sorry, but it really was that simple. VOD or a combination of VOD-theatrical is the only answer for blockbuster films going forward until the U.S. gets a handle on this virus. That’s about as diplomatic as I can be right now.”
For much of the summer, Disney’s intention was to open Mulan just after Tenet. But as theater closures continued in the U.S., the company switched course and sent the live-action epic straight to Disney+ at a premium $30 price in the U.S. and other select markets over Labor Day weekend. Mulan is still being released theatrically in major Asian markets, along with Russia, although it bombed in China during the Sept. 11-13 weekend with a $23 million debut.
U.S. cinema owners, who reopened in time for Tenet and Mulan, were devastated by the Mulan decision. Now, they face more heartache. Days after Tenet bowed, Warner Bros., led by CEO Ann Sarnoff, said it is delaying the release of Wonder Woman 1984 from Oct. 2 to Dec. 25. That means there isn’t another all-audience Hollywood tentpole opening until November. And even then, there’s intense speculation that Marvel and Disney’s Black Widow (Nov. 6) will move.
Get the rest of the story at The Hollywood Reporter.
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