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Boston Real Estate thought? Will Movie Theaters ever come back? I’m not sure here’s why…
I just read a New York Times article about the future of movie theaters.
The release of Christopher Nolan’s “Tenet” was expected to be a return to some semblance of pre-coronavirus normalcy for movie theaters, but the industry might have a longer road ahead than some thought.
Around 68 percent of movie theaters across the U.S. were open for the film’s debut over Labor Day weekend, but it made just $9.8 million over that weekend, according to the New York Times.
While there were no expectations that “Tenet” would perform as well as Nolan’s past films — it made about one-fifth of what his most recent blockbusters earned in their opening weekends — its performance was much worse than Hollywood hoped.
Widespread theater closures
Shares in AMC, which opened many of its theaters nationwide in August, climbed the day “Tenet” hit theaters, but have since fallen about 17 percent. Cinemark has also seen an 18 percent decline since Sept. 4, while Regal Cinemas’ parent company has experienced a 14 percent decline.
COVID-19 Outbreak
COVID-19 gas hurt many indusries and the movie industry is no exception, which was already on shaky ground going into 2020, like a perfect storm. The theatrical arm of the industry is getting less and less stable by the week—even AMC, again, the largest chain in the world, is fighting bankruptcy—and the longer the shutdown continues the worse it’s going to get. But does that even matter anymore?
Theaters are going to have to step up their game if they want to compete with home entertainment options.
The truth is that the theatrical model has needed overhauling for years now. At minimum, we’re looking at the death of the 90-day window.At worst, could this be the death of the theater?
Death of the megaplex.
We are facing the death of the megaplex. Perhaps it’s time to return to a more boutique, intimate movie going experience, one where the focus is on both the quality of the presentation and the sanctity of the space. As it is, the giant megaplexes have neither the will nor the methods to police their audiences from staying on their phones or talking loudly throughout the film.
If theaters are going to survive, they’re going to have to adapt. And even then it might be too little too late. COVID-19 has changed what is possible for cinematic distribution, perhaps irrevocably. Frankly speaking, it’s been a long time coming.
As a streaming platform becoming more popular a megaplex movie theater is just a room with a really nice screen and a comfy chair.
And you already have one of those at home.
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