As theaters remains closed amid the pandemic, many major film releases have been pushed back.
Warner Bros.' spy movie “Tenet” has been delayed indefinitely after its release date was pushed back from mid-July to late July to mid-August. Another Warner Bros. release planned for this summer, “The Conjuring 3,” has been moved to June 2021.
Disney’s (DIS) - Get The Walt Disney Company Report “Mulan”—most recently set for a August 21 release date—has also been postponed indefinitely. Disney's "Avatar" films and "Star Wars" films are being delayed by one year.
“Over the last few months, it’s become clear that nothing can be set in stone when it comes to how we release films during this global health crisis, and today that means pausing our release plans for ‘Mulan’ as we assess how we can most effectively bring this film to audiences around the world,” said Walt Disney Studios in a statement Thursday.
Theaters and cinemas—most closed since March—have been crushed by the coronavirus pandemic. AMC Entertainment Holdings Inc. AMC, on the verge of bankruptcy, recently reached a financing deal for $300 million to help it survive. AMC now plans to open its U.S. theaters in “mid-to-late August,” according to a company statement. The last plan was for a July 30 opening date, which already represented a delay from a previous plan of July 15.
In May, TheStreet’s Jim Cramer told Katherine Ross that he believes the pandemic is spelling the end of movie theaters—but that the issues with cinemas go beyond shutdowns due to the coronavirus.
“The way I look at Netflix undefined, and I look at what Apple’s undefined doing, is they’re saying, you know, the price of a movie theater got too expensive. When you’re in a recession, and 30 million people are laid off, which is better—going to a movie theater and spending $100 for, say, four people, or just having them watch the Disney movie [at home]?” said Cramer.
“Remember, you’re no longer competing against the small screen. The big screens are so unbelievably good—a 60-inch screen—so you feel like you’re at the movie theater except you’re at home,” he added.
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