Even though it’s a couple of months behind schedule, Christopher Nolan’s “Tenet” is expected to be the first major studio film to debut in theaters around the world since the COVID-19 pandemic began shutting everything down earlier this year. And because theaters have been desperate to reopen and attract large audiences, it appears that Warner Bros. holds all the bargaining power and is using it to their advantage.
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According to a new report from IndieWire, tickets are going on sale for “Tenet” later this week in the US, with the expected release date coming on Thursday, September 3. And considering a Nolan film is already a huge draw for cinemas even when there isn’t a global pandemic that has forced theater chains to be shuttered for five months, everyone is hoping that “Tenet” can kickstart the exhibition business once again and pave the way for fall releases like “Wonder Woman 1984” and “Black Widow” in the months to come. But if the theaters want to show “Tenet,” they’re going to have to agree to WB’s fairly strict terms.
The report claims that WB is asking for 63% of the box office receipts for “Tenet” when it opens in the US. While the percentage that a studio takes is always negotiated and above 60% isn’t incredibly rare, this is a bold move for the studio as the company already knows it has the upper hand in this negotiation. Obviously, the cinemas are hoping that when people come to see the film, they’ll pay for some concessions, as well (taking off their masks to enjoy them, naturally).
In addition, WB also has some fairly strict requirements if you’re a cinema that wants to show “Tenet” in regards to how long the film plays in theaters. For a single screen location, the studio is asking for a four-week guarantee. For twin-screen locations, 5+ weeks. If you have three to eight screens, 8 weeks. And if you have more than 9 screens (like most major multiplexes), you have to show “Tenet” for at least 12 weeks.
Of course, with the lack of competition, it’s unlikely that cinemas are going to be taken aback by these requirements. It’s likely that “Tenet” will play quite a while in those major multiplexes regardless of the contracts. And for the single screens that have to devote a month to Nolan’s film, the requirement ends just in time for “Wonder Woman 1984” in October. Hmmm, it’s almost like WB planned it this way.
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If you’re just a movie fan that wants to enjoy the film and doesn’t give a shit about the behind-the-scenes business dealings, this might seem like a moot point as long as you get to enjoy Nolan’s new film. However, for those of us interested in these things, it’s clear that WB is showing that studios hold all the cards moving forward with their exhibition dealings, so it’ll be interesting to see how Disney and the rest of the majors negotiate their future releases.
