While the debt-laden Cineworld Group is weighing its bankruptcy filing and citing an impending lack of fall releases, smaller theaters and networks show little sign of slowing.
As many theater owners point out, August, September and October are always seasonally slower months for movie releases, but this year, Hollywood’s big releases are even smaller due to pandemic-related delays in the film industry.
However, thanks to a combination of cost-cutting measures and the ability to feature art films and other programming, smaller theater owners say they can get through the season. The same goes for larger networks like Cinemark or Cineplex, which don’t carry the same debt burden as Cineworld and AMC Entertainment. (Studio distributors argue that Cineworld is using the slowdown as a scapegoat.)
Cineworld Group, the world’s second-largest cinema chain and owner of Regal Cinemas, noted a lack of major third-quarter releases and warned of already low admissions on Aug. 16. The limited film sheet, which is expected to last until November 2022, is expected to have a negative impact on the group’s trading and liquidity position in the short term. The company said it was “evaluating various strategic options for additional liquidity” and later confirmed that it was considering filing for Chapter 11 bankruptcy protection due to the downturn and already strained debt burden.
In August, four major releases or movies were released in more than 2,000 locations, compared to eight in 2021 and 12 in 2019, according to analytics firm Comscore.
Responding to Cineworld, AMC Theaters CEO Adam Aron, head of the world’s largest theater chain, also spoke of a “relatively weak” third-quarter film but said he was “quite optimistic” about demand in the last quarter. and in 2023.
In general, this is the position of many small theaters and chains across the country. And after the pandemic closed many theaters for nearly a year, that drop isn’t all that worrisome.
“It’s a slower-than-usual slow period, but it’s not a catastrophic crater,” said Tim League, CEO and founder of Alamo Drafthouse, which has more than 30 US locations.
Since theaters reopened, audiences have increased across the industry, helping to release films like Top Gun: Maverick, now the ninth highest-grossing film of all time, with over $1.4 billion in worldwide ticket sales, and Spider-Man: No Way Homeincluding summer tents Minions: The Origin of Gru s jurassic world domain. And on the independent side, a blockbuster movie. everything everywhere at the same time Impressed with over $68 million in ticket sales. Theaters were also able to capitalize on this increase, and many smaller venues were also supported by federal grants for indoor venue operators that covered costs for several months and helped create a financial cushion for smaller months.
Movie theaters have traditionally capitalized on the expected fall slump, but this year some are taking extra steps to mitigate it. Jeff Brain, managing partner of Far Away Entertainment, which operates seven movie theaters in western Washington, said he plans to reduce weekday show times and therefore more staff than usual this time of year to cut costs. The weekend schedule will remain the same.
“We don’t have much control over what studios give us and when they give it to us. All we can do is monitor our operations and react and respond accordingly,” Brain said.
The reduced hours will begin after Labor Day and continue through early November, before several wider rollouts. However, Braine said he will monitor the situation in the coming months and may return to normal hours during this time if there is demand.
Theaters also tend to lean towards their old catalogs and alternative content. Greg Laemmle, CEO of Los Angeles-based Laemmle Theaters, said his theaters continue to show special films that are gaining traction, such as Mrs. Harris is going to Paris.documentaries Hallelujah: Leonard Cohen, Journey, Song s fire of love, oneLike a Bollywood movie RRRR, A title that Alamo Drafthouse plans to continue due to strong interest from theaters.
“We hope to be creative and find ways to minimize the impact,” Laeml said, noting that the short-term recession is something his theaters can handle.
Alamo Drafthouse also plans to lean more heavily on its standalone slate, as well as its repertoire of classic films, which typically make up 10% of its box office gross, but will now grow to make up for the big-release shortfall (big-releases typically make up to 70 per cent). percent).% of Alamo’s box office, while independent films are 20 percent). The theater chain’s classic repertoire includes in-depth screenings of Francis Ford Coppola films in all of its theaters. the triangle of sadness Planned as a next big independent film.
Fathom Events has seen an increase in demand for its alternative content from major theater chains, with Regal recently adding 150 locations to screen the 1982 film. Star Trek II: The Wrath of Khan In the beggining of september. reprints of Spider-Man: No Way Home orSeptember 2 also remastered avatar September 23th, It can also help with the box office.
There’s a feeling among theater owners that some of the other upcoming movies, while not big releases, have the potential to become hits or even bring audiences back. Theaters are paying special attention to the September release do not worry dear Starring Florence Pugh and Harry Styles, in addition to other specialty films, many of which are vying for a spot at the awards.
And October is going to heat up in terms of high-profile studio releases with a DC Comics movie. black adam s ticket to heavenA romantic comedy starring Julia Roberts and George Clooney, among others.
The sum of those credits, rather than a single blockbuster, can help you get to theaters. Black Panther: Wakanda Forever in November.
“If we’re aiming for a $100 million release, we’ll have to wait until November, but we hope these films close the gap and add a lot to theaters,” said Paul Dergarebedian, media analyst at Comscore. .
Highly anticipated with expected return from patrons black Panther Looking ahead and hoping for higher numbers after the holidays, theater owners say they don’t think the fall boom will deter the best trends in returning customers to theaters.
“I’m not really worried or losing much sleep over us and the industry,” Braine said.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
