10-05-2020, 03:00 PM
LONDON (AP) — Shares in the company that owns the Regal, Cineworld and Picturehouse movie theaters fell as much as 58% after it said it will temporarily close the venues because delays to the latest James Bond film left it with few blockbusters to attract customers during the pandemic.
Cineworld Group Plc said Monday that 536 Regal cinemas in the U.S. and 127 Cineworld and Picturehouse venues in the U.K. would close on Thursday. Some 45,000 employees are affected.
The company has high debts and is, like the wider industry, struggling with the effects of the pandemic. Just last week groups representing theater owners, movie studios and directors issued a plea to U.S. lawmakers to provide relief to ailing movie theaters. The letter, signed by the likes of Steven Spielberg, Christopher Nolan, Patty Jenkins, Clint Eastwood and Martin Scorsese, said that if the status quo continues, nearly 70% of small to mid-size movie theaters could be forced to close permanently.
Efforts to slow the spread of the virus resulted in closure of most cinemas for nearly six months. Many started tentatively reopening in late August, anticipating the release of money-making blockbusters, like Nolan’s “Tenet,” the Bond pic “No Time to Die” and Marvel’s “Black Widow.”
IMPACT ON THE ECONOMY:
– Long-term jobless caught in a squeeze that imperils recovery
– Pandemic pushes start of holiday shopping earlier than ever
– Wall Street claws back more of its losses on stimulus hopes
But ticket sales for Warner Bros.’ “Tenet,” the first major film out of the gates, were not as strong in the U.S. as hoped, likely a combination of audience reluctance to return to theaters and the effects of markets like New York remaining closed. While some analysts stress that films need to play the “long game” at the box office in this current environment, studios responded by delaying most other major films that had been set for the fall and winter.
Some merely moved back 2020 openings as late as possible, like “Death on the Nile” (Dec. 18) and “Wonder Woman 1984,” which is now set for Christmas.
But others abandoned the year entirely, including Marvel’s “Black Widow,” Spielberg’s “West Side Story” and Universal’s “Candyman,” all of which were pushed to 2021 in recent weeks.
Although there are a handful of major films still set for 2020, like Pixar’s “Soul” and Warner Bros.′ “Dune,” Friday’s announcement that “No Time To Die” was being delayed to 2021 came as a final blow.
Without these releases, Cineworld said it can’t give customers “the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.”
https://apnews.com/article/virus-outbrea...f1cab8cbce
British cinema theater chains, but could be a portent "across the pond".
Cineworld Group Plc said Monday that 536 Regal cinemas in the U.S. and 127 Cineworld and Picturehouse venues in the U.K. would close on Thursday. Some 45,000 employees are affected.
The company has high debts and is, like the wider industry, struggling with the effects of the pandemic. Just last week groups representing theater owners, movie studios and directors issued a plea to U.S. lawmakers to provide relief to ailing movie theaters. The letter, signed by the likes of Steven Spielberg, Christopher Nolan, Patty Jenkins, Clint Eastwood and Martin Scorsese, said that if the status quo continues, nearly 70% of small to mid-size movie theaters could be forced to close permanently.
Efforts to slow the spread of the virus resulted in closure of most cinemas for nearly six months. Many started tentatively reopening in late August, anticipating the release of money-making blockbusters, like Nolan’s “Tenet,” the Bond pic “No Time to Die” and Marvel’s “Black Widow.”
IMPACT ON THE ECONOMY:
– Long-term jobless caught in a squeeze that imperils recovery
– Pandemic pushes start of holiday shopping earlier than ever
– Wall Street claws back more of its losses on stimulus hopes
But ticket sales for Warner Bros.’ “Tenet,” the first major film out of the gates, were not as strong in the U.S. as hoped, likely a combination of audience reluctance to return to theaters and the effects of markets like New York remaining closed. While some analysts stress that films need to play the “long game” at the box office in this current environment, studios responded by delaying most other major films that had been set for the fall and winter.
Some merely moved back 2020 openings as late as possible, like “Death on the Nile” (Dec. 18) and “Wonder Woman 1984,” which is now set for Christmas.
But others abandoned the year entirely, including Marvel’s “Black Widow,” Spielberg’s “West Side Story” and Universal’s “Candyman,” all of which were pushed to 2021 in recent weeks.
Although there are a handful of major films still set for 2020, like Pixar’s “Soul” and Warner Bros.′ “Dune,” Friday’s announcement that “No Time To Die” was being delayed to 2021 came as a final blow.
Without these releases, Cineworld said it can’t give customers “the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.”
https://apnews.com/article/virus-outbrea...f1cab8cbce
British cinema theater chains, but could be a portent "across the pond".
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.