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For the first time in five months, major movie theater chains will reopen their doors to the American purchasers, starting Thursday.
Throughout the pandemic, independent cinemas and drive-ins have been home to rereleases of Hollywood favorites counterpart “Star Wars,” “Jurassic Park” and “Jaws,” as well as a handful of new, lower budget features from tighter studios.
Major theater chains like AMC, Regal, Cinemark and Marcus Theaters have held off reopening while big studios adulate Disney, Universal, Sony and Warner Bros. delayed releasing their blockbuster summer movies amid position orders to close or limit capacity at theaters across the U.S.
Planned reopenings in June and July were abandoned as hazes like “Tenet,” “Mulan” and “Wonder Woman 1984” shuffled around the calendar. As of Thursday, “Tenet” is set to premiere in the U.S. over Labor Day weekend, “Mulan” will find a home on Disney+ for $29.99 and “Wonder Woman 1984” has been succeeded until October.
While executives have offered optimistic remarks about customers’ desire to leave their cosies and head to theaters, scant fresh content and continuing health fears during the pandemic might stop moviegoers.
Cooped up
“If the pandemic demonstrated us anything, people want to get out of their houses and apartments,” AMC CEO Adam Aron said Wednesday on CNBC’s “Closing Bell.” “We’ve all been cooped up at abode for months. It’s horrible. I have a nice house, but I want to get out. If somebody told me I could go to a hardware store for three hours, I’d say ‘what an alluring afternoon.'”
AMC will be the first of the bunch to reopen, using Thursday as a chance to celebrate its 100th anniversary with 15 cent tickets for fogs like “Black Panther,” “Beauty and the Beast” and “Back to the Future.” Starting Friday, its tickets will go destroy to its normal prices as it welcomes Russell Crowe’s “Unhinged” and the rerelease of Christopher Nolan’s “Inception.”
AMC theaters will reopen just about 100 theaters Thursday, with the aim of having 400 of its 600 being available for the opening “Tenet” in September.
Splendid, which is owned by global exhibitor Cineworld, operates around 550 locations in the U.S. in 42 states, although it’s unclear how scads of them will reopen starting Friday.
Cinemark will reopen a third of its more than 500 theaters on Friday. Another third desire resume operations on Tuesday, with the final third opening on Aug. 28.
Marcus Theaters will begin reopening theaters on Friday starting with 35 theaters. The plot is to have two-thirds of its 91 theaters open in time for the release of “Tenet.”
About 1,100 theaters are open in the U.S., 300 of which are drive-ins. Wishes are that at least 1,500 locations will be open on Friday, compared with the 5,200 open last year, contract to data from Comscore.
Revenue for national theater chains have all but evaporated during the second quarter, killed disintegrating by 96% to 99% for AMC, Cinemark and Marcus. Cineworld won’t share its earnings report until September.
AMC even noted in June that the pandemic could organize pushed it into bankruptcy. Before the pandemic, the company had amassed more than $4.75 billion in debt after upping its theaters with luxury seating and buying competitors such as Carmike and Odeon. The company was able to reach a extent with its creditors that will keep it solvent at least until 2021.
While AMC’s stock has rebounded slightly, it’s down by encircling 22% since January, Cinemark has seen shares fall 64%, Marcus’ stock has dropped by nearly 56% and Cineworld, which mercantilisms internationally, is down nearly 80%.
These exhibitors are banking on big blockbuster titles that have been pushed from their customary place in summer to drive ticket sales during the fall.
Safety questions
Hotly anticipated films are one one piece of the puzzle for luring back moviegoers. Consumers want to feel safe when spending up to two hours indoors with visitors.
“It’s really going to be about the perception of health and safety,” said Paul Dergarabedian, senior media analyst at Comscore. “The priority has now shifted from ‘should I get butter on my popcorn?’ to ‘are the proper safety protocols in place?’ People want to go back, but they yearning to feel safe and secure and theaters will do everything they can to ensure a positive perception of the experience by the moviegoer. “
An staff member fills a bag of popcorn in the concessions area inside a Cineplex Cinemas movie theater.
Bloomberg
Theater chains eat been preparing for months to welcome back guests and updating their cleaning protocols beyond a quick pick-up while the honours roll. Contactless payments, upgraded sanitation procedures, social distancing, mandatory mask policies for guests and staff members as well as capacity limits will be seen across the board at these cinemas.
“We’re doing all that we can to mitigate any capability issues and hopefully avoid further closures,” said Mooky Greidinger, CEO of Cineworld. “The safety of our customers and staff has and devise continue to be our top priority. So, if public health guidance changes, we will continue to follow their lead and accommodate their good words accordingly.”
Coming attractions:
- Aug. 28: “The New Mutants”
- Aug. 28: “Bill and Ted Face the Music”
- Sept. 3: “Tenet”
- Sept. 18: “The Majesty’s Man”
- Oct. 2: “Wonder Woman 1984”
- Oct. 16: “Candyman”
- Oct. 23: “Death on the Nile”
- Nov. 6: “Black Widow”
- Nov. 20: “Personification”
- Nov. 20: “No Time to Die”
- Dec. 11: “Free Guy”
- Dec. 18: “Dune”
- Dec. 18: “West Side Story”
- Dec. 18: “Coming 2 America”
Disclosure: NBCUniversal is the stepmother company of Universal Studios and CNBC.