AMC is the latest company that has announced that it will run out of money by the middle of 2021 – but will the movie investors understand their predicament?
‘No Time To Die’ is that one big film on which several theatres are counting on – it is being considered the revival of cinema after the brutal attack of the Coronavirus.
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Despite having a vaccine, the Coronavirus rage seems endless and that’s not a promising sign.
The James Bond's latest outing Bond movie it getting delayed for the fourth time and it has left everyone helpless. After the third delay, several theatre chains like Regal and Cineworld were forced to shut down all over the UK and USA.
Let’s give you a little bit of a rewind. At first, when the pandemic had only just begun, people in the entertainment industry took charge and declared that all movies will get postponed to October. They were optimistic that the virus would disappear by then.
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Little did they know that it will only grow stronger – they were forced to postpone their movies till December. Of course, holiday season became frenzy and the rage of Coronavirus continued compelling the investors to delay it again till April 2021.
Yesterday, the investors announced that they’re going to go ahead and push the movie to October 2021. And soon after, AMC released the statement claiming that the theatres won’t survive that push.
But what’s happening, really? If the makers of ‘No Time To Die’ don’t confident about the release, why don’t they simply put it up to stream?
Apparently, MGM is adamant for a theatre release and that too, when it’s completely safe.
And it’s not just the Bond film, a couple of other films also got delayed too – both MGM and Sony came to the conclusion that all major films should get postponed until the pandemic is controlled.
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Sony has decided to push a couple of films, including Uncharted, Ghostbusters: Afterlife and Cinderella.
But the question is the same: How much can Hollywood bear? Can it continue to shuffle its movie releases?
As per the new calendar, “No Time To Die” will be released on the 8th of October, 2021. “Peter Rabbit 2: The Runaway” will release on June 11, 2021. “Cinderella” has been moved to July 16, 2021 and “Ghostbusters: Afterlife” will now release on November 11th, 2021. And lastly, “Uncharted” has been postponed until Feb. 11, 2022.
The decision to push the release dates comes to no surprise because the latest recording of the new COVID-19 cases is counted to be 194,252. In addition, the country’s death toll because of the virus stands at 3054 every day.
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The information has been acquired from the calculator designed by John Hopkins University. Naturally, the numbers of cases are such that no producer is willing to take a risk with their confirm blockbuster movies – not after what became of Tenet.
Studios are apprehensive that if the cases continue to grow in number, the moviegoers might not come to the theatres. And to protect their own budgets, they’re not willing to take the risk.
So when the time of release comes, they want to be entirely sure that their tickets will be bought in large amounts.
Paul Dergarabedian, a senior media analyst at Comscore says that “Given the uncertainty of the marketplace, a change of date is certainly better than a change of venue so to speak from big screen to small screen.”
The estimated budget of “No Time To Die” is $250 million and after adding the marketing cost, the overall budget closes at $400.
The last Bond release “Spectre” earned approximately $879 million at the global box office and “Skyfall” made around 1.1bn. Of course, the expectations were high for “No Time To Die” considering it is expected to be Daniel Craig’s last Bond movie!
Dergarabedian continued: “Those who have their eye on the long game understand that for a film like Bond, and many others, the prestige, exclusivity, and revenue generating potential of the movie theater is still undeniable and indeed still worth waiting for.”
Let’s wait it out and see how the future of cinema unfolds! For now, it seems utterly unfortunate that the theatres are dying – our favorite place filled with nostalgia and thrill.
Ever since the theatres shut down, we’re only counting the number of movies put on halt. There are so many movies to arrive, which one are you looking forward to that most? Also, check out celebrities who are total jerks in real life!