The covid pandemic brought businesses in many industries to a screeching halt. For the last two years, enterprises have collapsed, and many are still struggling to regain their lost glory. The US theatrical industry was one such sector significantly affected by the pandemic. However, with most Covid Mandates lifted, the entertainment industry is making a comeback, especially in the movie theatre sub-sector.
Looking at the CinemaCon, which was held in Las Vegas, no one could tell just from looking that there was a pandemic. Major film studios put their best foot forward at the event, showcasing their upcoming theatrical releases to win over theatre owners. During the week-long event, Hollywood go a chance to make a stunning comeback.
Surviving During the Pandemic
During the pandemic, most theatres were shut down due to strict Covid-19 mandates aimed at limiting the spread of the virus. Studios had to develop creative ways to put their content out there and maintain distribution channels. The entertainment industry was lucky because, despite distribution taking on a completely different shape, consumers were still very eager to interact with their content, unlike industries like the hotelier industry that had no way to repackage and repurpose their services and products.
The Future of the Theatrical Industry is Looking Bright
From the looks of things at CinemaCon, the theatrical industry is about to get handed a silver bullet. The sector is still not out of the woods, but interviews with industry executives indicate a strong comeback soon. Behind the scenes, chatter displays an overall optimism among stakeholders.
Most industry top dogs are impressed with the new live streaming services that let viewers watch anything from the comfort of their devices. They are even further thrilled that these streaming services are available from any urban/ civilized setting. Movies like Top Gun and Avatar, the Way of Water have been in production for too long, with constant delays affecting production schedules.
New Release Strategies
Studios have stopped the day, and date release schedule and are letting go of old practices where they would typically play movies exclusively for 75 -90 days. Last year Warner Bros and a few other studios took the big leap and released all of their creations simultaneously in theatres and on HBO Max.
Some studios like studio Universal have not entirely let go of the day and date way of doing things, but they will not adhere to the concept as strictly as before. Most movie studios commit their most awaited pieces for unique theatrical windows lasting 45 days this year. The idea is to give movies a 45-day theatric window before releasing them on respective streaming channels.
Taking The Batman as an excellent example of theatric first release success, it grossed over eight hundred million dollars at the worldwide box office and was subsequently a hit on HBO Max. This concept also worked for the famous animation movie Encanto. The films attract more extended engagement from viewers by utilizing this strategy.
Disney received much recognition at CinemaCon but did not announce a theatrical window as other studios have already done. Disney is expected to bring Avatar the Way of the Water to your screens, a game-changer in the industry. The movie release might be delayed because of Covid-19 effects.