The Future of Movies
As someone who makes his living by attending movies the future of movie theaters is something that concerns me greatly. Movie receipts are down 80% from 2019 to 2020. The movie industry made just over $11 billion in 2019 and just a little more than $2 billion in 2020.
Even after implementing social distancing in theaters and special disinfecting procedures at theaters people are still not going to the movies. The number one movie this past weekend, Liam Neeson's THE MARKSMAN, had box office receipts of just $2 million. This is a real concern for the movie industry.
PVOD is currently the latest trend allowing viewers to watch new movies from the comfort (and safety) of their own home. Major blockbusters are currently running on various PPV services.
WONDER WOMAN 84, the new Denzel Washington movie, THE LITTLE THINGS and Eddie Murphy's eagerly anticipated, COMING 2 AMERICA, will all be shown on PPV along with a host of other films. However, some expected blockbusters are currently on hold and hoping for a theater showing late in 2021 or 2022. The eagerly anticipated NO TIME TO DIE, the 25th James Bond movie, is set for an October 2021 opening and the new Matrix film is scheduled for 2022.
AMC Theatres, the world’s biggest cinema chain, has raised a $917-million cash infusion from investors, reports CBS News. “This increased liquidity should allow the company to make it through this dark coronavirus-impacted winter,” the company said, adding that its “financial runway has been extended deep into 2021.”
So what does all of this mean for the future of movies? HBO/Max, Netflix and Disney seem to be the choice of the major movie studios to release their projects until, with the hope of the corona vaccine, things get back to some semblance of normalcy.
So all we can do is wait and hope that Americans feel safe again to go to the movies and the largest movie theaters like AMC and Cinemark can stay open until the pandemic is over.
Another theory is a major company, using the old adage of "buy low and sell high" may step in and buy one of the movie chains and hang on until the public is ready to return to the movies.