Disney’s (DIS) - Get Walt Disney Company Report “Mulan” is coming soon to a TV near you. The highly-anticipated film will be made available on Disney+ beginning on September 4; it will set viewers back $29.99 on top of the streaming platform’s existing monthly subscription fee.
"Mulan" was originally intended for theatrical release. Theaters and cinemas—most closed since March—have been crushed by the coronavirus pandemic. AMC Entertainment Holdings Inc., on the verge of bankruptcy, recently reached a financing deal for $300 million to help it survive.
Another popular film, Christopher Nolan’s spy movie “Tenet," has been delayed repeatedly, with its theatrical release date pushed back from mid-July to late July to mid-August to early September. It will debut internationally before it hits theaters in the U.S.
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.
“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 said.
On August 4, Disney reported that its streaming services surpassed 100 million paid subscribers worldwide.
"Despite the ongoing challenges of the pandemic, we’ve continued to build on the incredible success of Disney+ as we grow our global direct-to-consumer businesses," said Bob Chapek, CEO of The Walt Disney Company.
Disney's stock is up 9% on Wednesday.