As the saying goes, the operation was a success but the patient is dying. Theatres are open, and operations have been smooth; it’s possible that more, and more significant, cities will reopen in the coming weeks. However, upcoming weeks will see no new major releases. With “Wonder Woman 1984” delayed until December — the sole potential blockbuster for next month — and Universal taking “Candyman” out of October 16 until next year, studios are saying it’s not worth it.
This leaves theatres in dire straits. This weekend, the average complex grossed under $5,000 (before concessions). More than half of that goes to film rentals. They have staff and other operational costs to pay, as well as rent to landlords. Theatres have a stronger hand in negotiating rent if they’re closed. Once open, they owe, and now they face weeks of operation at a significant loss.
Theatres weren’t fools in trying to reboot. They were operating from a weak position where opening gave a hope that audiences might flock to “Tenet,” and if so other top films would follow. They also feared not opening would encourage more VOD plays, which would lead to greater problems. Now, they face further financial stress.
