Due to coronavirus pandemic all movie theaters like Alamo Drafthouse, AMC, Regal, closed their gates back in march. Due to the movie theaters’ closer release of upcoming movies face delays, Studios stopped their productions and decide to release some movies on video on demand on their original theater release dates.
Now after a month later, theaters may start slowly reopening with safety precautions, Governor of Texas Greg Abbott said that few businesses will start opening from Friday, Theaters are also included, but with a limited crowd of 25 people at a time. There is no news that theaters will roll the cameras anytime soon. A spokesperson from Alamo Drafthouse said:
In entertainment industry news is circulating that theaters will reopen soon, but Theater chains are unwilling to give final reopen date as the globally pandemic situation is not clear yet. In early April, AMC’s CEO said that he hopes that theaters will reopen their gates in mid-June if local and national authorities allowed Cinemark stated that their theaters will reopen from July 1st
Right now economic forecast for theater industry is not clear yet, cinemas are closed from Mid-March, And it also depends on how long it will take to reopen And how long it takes for the movie fans to start coming to the theaters, Last year domestic box office Made 11 billion And now it is predicted that it will be less than $7 billion, the lowest the figure in this century.
Since movie cinemas are closed and everyone is in self-quarantine, many studios stopped their production and pushed back released dates, they are also focusing on their film schedule model. Studios like Universal and Warner Bros. have announced, That they are observing the situation and also they will see the consumer behavior once the pandemic is over WarnerMedia CEO said:
For now, some movies are available on video-on-demand, universal studios declared that early release of Trolls World Tour has broken the records of the digital release. Other blockbuster movies pushed back or directly send to streaming like Netflix, Amazon Prime, or Disney+, Are Expecting more movies to land on streaming until theaters reopen again.