Three years after brutal Covid shutdowns, spring is in the air for cinemas with the box office blossoming and the economics of streaming looking muddy. Traditional studios are re-committing to thea…
The main issue since we came out of the pandemic has been the supply of movies, it has not been consumers’ unwillingness to come back to the cinema. And now the movies are coming back. So, with the slates expanding, we’re very proud of the growth of the industry. It’s expanding from the traditional distributors and it’s expanding from others like Amazon and Apple. And we’re just thrilled that a kind of return to traditional, but still evolving, theatrical release strategies are working.
We just had a round of meetings in the creative community. Producers guild, directors guild, some agencies. The enthusiasm of filmmakers on the return of theatrical is huge.They were very good meetings and reflect the overall optimism that I’ve experienced since I came on board. I think the industry is in a great place. Obviously, there are still hurdles. But that’s true of everything coming out of the pandemic. Nobody’s in the clear.
As for screen count going forward, we are not over screened in this country if, as we expect, the movies will come back to produce similar or better box office returns than pre-pandemic. Because that was a profitable, very profitable model. In 2019, we had $11.4 billion in revenue in the U.S. and $42.5 billion globally. So, if we get back to that kind of film supply, the answer is no. We are not over-screened.
Everyone’s going to be stronger coming out of the pandemic. There are a couple of companies that have gone through the bankruptcy reorganization process and a couple of companies that have avoided it. And I think all of these companies are going to be stronger, because film supplies coming back.Following up on screen count — pandemic relief funds kept many smaller theaters and chains afloat and those funds are over.
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