As the business week begins today, we’re already seeing massive financial implications from the news of “No Time to Die” being delayed and Cineworld shutting down its US and UK cinemas. And according to a new interview with THR, financial analyst Eric Wold believes that the next two months are going to be a “virtual ghost town” for theatrical releases and that studios need to be willing to take financial risks to ensure that cinemas will be viable when states fully reopen sometime in the future.
As it stands now, the next big theatrical releases aren’t coming until close to thanksgiving with “The Croods 2” and Pixar’s “Soul” are set to arrive. However, it’s assumed that one or both of those films will eventually get another delay, leaving the film release schedule completely barren until maybe Christmas. And according to Wold, he understands why studios are reluctant but thinks they need to “take a hit” before things can get better.
“While we can understand the studios’ desire to hold releases until the release environment is perfect, we also believe studios must be willing to take a hit to feed the industry and keep the exhibitor group from completely falling apart,” the analyst said.
READ MORE: ‘No Time To Die’ Delayed Once Again, Moving To April 2021
That being said, Wold is quick to point out that we can’t leave all of the blame on the shoulders of the studios. The analyst explained that he has visited movie theaters multiple times since cinemas reopened in the US and has “never felt anything less than comfortable.”
He added, “We are still surprised by the state-level restrictions that have continued to be placed upon theater operators while indoor dining and other entertainment options are facing much less severe restrictions.”
So, as we’ve seen earlier today, with the announcement that Regal Cinemas’ parent company, Cineworld, is shutting down for the foreseeable future, the problem is a mixture of some terrible circumstances. First, cinemas aren’t all open, especially in Los Angeles and New York City. And secondly, studios are scared by the performances from films like “Tenet” and the uncertainty of when some regions will fully reopen that they’re not willing to release massive films during this time.
For cinemas to survive, someone has to make a move, and Wold believes that’s something studios can do right now.
