Studio 10 movies5/21/2023 ![]() Listening to the chatter around recent analyst earnings calls, with company chiefs over peak pessimism as their theaters have reopened, it’s easy to see why the industry’s fortunes are tied to Hollywood’s film supply to the multiplex picking up.ĪMC Theatres, which operates 950 theaters globally, saw attendance hit 49.5 million, down from 60 million during the year-earlier period as its quarterly loss increased to $287 million, up from $134 million in 2021. ![]() In what’s shaping up to be a make-or-break year for exhibitors with steep debt loads, the challenges facing the industry include wage and inflationary pressures on the expense side and Netflix and the streaming revolution still pushing movies straight to video-on-demand. The bad: That’s down 22 percent from 2019.īiden's TikTok Dilemma: Go After China or Pursue Social Media Antitrust Claims The good news: Domestic box office revenue this year is up more than 37 percent. If the theatrical ecosystem can’t fully recover, then it won’t be much of a launchpad for ancillary markets, either. Discovery CEO David Zaslav to Paramount Global chief Bob Bakish, have touted the important flywheel effect of launching their tentpoles in theaters instead of sending them directly to streaming services to pump up subscriber numbers. That’s especially so when studio executives, from Warner Bros. While the impact of The Way of Water, the $2.2 billion grosser that opened Dec. 16, won’t be fully felt until exhibitors report first-quarter results in the spring, the fourth-quarter numbers aren’t encouraging. But, one by one, in reporting fourth-quarter earnings in February and early March, the top chains all posted revenue that fell short of even the comparable quarter in 2021, when the industry was in the thick of the pandemic. After a disappointing late summer and fall, major movie theater chains pinned hopes on a run of tentpoles that could help prop up the box office - and their bottom lines - from Black Adam to Black Panther: Wakanda Forever and Avatar: The Way of Water.
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