Universal, Cinemark Sign Deal for Shorter Exclusivity Window

Comcast’s Universal Pictures teamed with Cinemark Holdings, the third largest theater chain in the U.S., to permit online distribution of movies after three weekends (or 17 days) in theaters. The exception is movies that gross $50+ million domestically during their first weekend, lengthening the exclusivity window to five weekends or 31 days. Universal inked a similar deal with AMC Entertainment in July. Pre-pandemic, the exclusivity window was 2-1/2 months from a film’s premiere in theaters until it could be distributed to homes. Continue reading Universal, Cinemark Sign Deal for Shorter Exclusivity Window

Universal Adopts a New Theatrical/Online Distribution Model

During the holiday season, to pump up motion picture theater attendance, Comcast’s Universal Pictures is trying a new distribution model — releasing more movies and making them available sooner for online rental. On December 4, it will release “All My Life” to U.S. theaters, the eighth film slated for domestic release by the end of 2020. That’s almost double its releases during the same period in 2019, and far more than other Hollywood studios. Meanwhile, AMC is offering its theaters for rent, starting at $99.

Continue reading Universal Adopts a New Theatrical/Online Distribution Model

AMC Is Running Out of Cash, Sells Some Shares and Assets

AMC Entertainment, the world’s largest movie theater chain, will run out of cash by the end of 2020 if current conditions do not change. Although it’s reopened 83 percent of its U.S. theaters, attendance is down 85 percent from a year ago. In September, AMC set a goal of raising $180 million but so far has raised only about $37.8 million by selling shares. Other fundraising options include taking on debt or selling assets. AMC sold its nine theaters in Europe’s Baltic region of Europe for about $77 million. Continue reading AMC Is Running Out of Cash, Sells Some Shares and Assets

Release of ‘Tenet’ Could Be a Bellwether for Movie Exhibitors

Major Hollywood movies are finally being released in movie theaters, with “The New Mutants,” which had a $70+ million budget, and director Christopher Nolan’s “Tenet,” a $200 million thriller. But it’s still unclear how many people in the U.S. feel safe enough to go inside. Abroad, “Tenet” raked in $53 million on its opening day weekend from 41 global markets, a source of optimism for Warner Bros. (the film opens in the U.S. and China this week). Pirates have been foiled, meanwhile, fooled into downloading fake torrents of the blockbuster. Continue reading Release of ‘Tenet’ Could Be a Bellwether for Movie Exhibitors

AMC to Open Two-Thirds of Its U.S. Theaters by September 3

AMC Theatres introduced a plan to open about 100 locations as early as August 20 and two-thirds of its 600 theaters by September 3. An earlier plan to open was abandoned after strong backlash. Now, customers and employees will be required to wear masks, seating in auditoriums will be limited and the company will implement social distancing and increased cleaning. Furthermore, AMC stated that masks, which would be sold at the theater for one dollar, must “cover your nose and mouth and fit snugly around your face and chin.” Continue reading AMC to Open Two-Thirds of Its U.S. Theaters by September 3

AMC Prepares to Open Most of its Theaters Worldwide by July

The COVID-19 pandemic has hit AMC Entertainment, the world’s largest movie-theater chain, particularly hard. After registering a $2.2 billion net loss for Q1, it made “virtually no revenue” in the first two weeks of the quarter ending March 30. Now, AMC chief executive Adam Aron says he hopes to get AMC Theatres in the U.S. and U.K. open in July, although he did not specify a date. AMC has 1,000 theaters with 11,000 screens in several countries. In California, 51 counties have been approved to reopen movie theaters as soon as June 12. Continue reading AMC Prepares to Open Most of its Theaters Worldwide by July

‘Trolls’ Sequel Tests PVOD Model While Theaters Are Closed

“Trolls World Tour,” produced by DreamWorks Animation and distributed by Universal Pictures, was due to release in movie theaters on April 10. But when the coronavirus pandemic closed theaters, Universal decided to release it as a $19.99 digital rental on platforms including Apple TV, Amazon and Comcast’s Xfinity. Three weeks later, “Trolls” has generated almost $100 million, more than the original 2016 movie. That has encouraged Universal execs to consider digital release as a real alternative to postponing a theatrical release. Continue reading ‘Trolls’ Sequel Tests PVOD Model While Theaters Are Closed

Theaters Hit Hard by Coronavirus as Streamers Reap Rewards

The coronavirus is hitting the National Association of Theatre Owners particularly hard, as local governments close movie theaters and consumers turn to streaming services. Regal Cinemas announced it is closing all its theaters, effective today, until further notice. Meanwhile, studios are reconsidering the exclusive 90-day window for theatrical exhibition. Universal Pictures is the the first major studio to announce a change to the traditional model. “We hope and believe that people will still go to the movies in theaters where available, but we understand that for people in different areas of the world that is increasingly becoming less possible,” said NBCUniversal CEO Jeff Shell. Continue reading Theaters Hit Hard by Coronavirus as Streamers Reap Rewards

Justice Department to End the Paramount Consent Decrees

The Justice Department’s antitrust division plans to terminate the so-called Paramount consent decrees governing movie distribution, indicating they are no longer useful. Those rules were established in the wake of a landmark 1948 Supreme Court ruling covering the eight major movie distributors in the U.S. Their end will dramatically change movie distribution. DOJ antitrust official Makan Delrahim noted that streaming services and new business models have opened the door to “consumer-friendly innovation.” Continue reading Justice Department to End the Paramount Consent Decrees

Netflix Invests $520 Million to Make Three Big-Budget Films

According to sources, Netflix will spend $520+ million to make three movies, although none of them are likely to get a wide theatrical release. This month, Netflix committed almost $200 million to make the action movie “Red Notice,” with Dwayne Johnson, Ryan Reynolds and Gal Gadot. The company has stated that one-third of its 150 million subscribers are drawn to its movies, with TV accounting for the rest. New movie productions, it hopes, will help retain current viewers and attract new ones. Continue reading Netflix Invests $520 Million to Make Three Big-Budget Films

MoviePass Settles on Plan: Three Movies Per Month at $9.95

In the wake of service outages and other problems, MoviePass has cut back the number of films that its subscribers can see monthly, from one per day to three per month. The company had upped the monthly subscription fee from $9.95 to $14.95, but that only drove customers away, deepening its financial woes. The limit of three movies per month is in lieu of the price hike. MoviePass chief executive Mitch Lowe said the new policy will take effect August 15 and will reduce the company’s “cash burn rate” by more than 60 percent. Continue reading MoviePass Settles on Plan: Three Movies Per Month at $9.95

AMC Debuts Subscription Service That Will Rival MoviePass

AMC Entertainment just announced AMC Stubs A-List, a subscription service that will allow customers to watch up to three movies a week at any AMC theaters in the U.S. for $19.95 per month. AMC Stubs A-List offers features not available with the offering of its rival MoviePass, including the ability to book tickets days in advance, to see 3D or IMAX movies at no extra cost and to book tickets in an app without a special debit card. In contrast, MoviePass costs $9.95 per month, works at 91 percent of U.S. theaters and can be used once a day. Continue reading AMC Debuts Subscription Service That Will Rival MoviePass

Skyrocketing Membership Threatens the Viability of MoviePass

MoviePass chopped its prices eight months ago, bringing membership to two million people — and the company to the brink of bankruptcy. Parent company Helios and Matheson Analytics, which owns 92 percent of MoviePass, reported that it was down to just $15.5 million in cash at the end of April, with $27.9 million on deposit with merchant processors. The question now is if subscribers can slack off on movie-going before the company runs out of money. A recent SEC filing indicates that the company’s auditor has “substantial doubt.” Continue reading Skyrocketing Membership Threatens the Viability of MoviePass

MoviePass Sells $128M in Tickets for Oscar-Nominated Films

Startup MoviePass, which charges subscribers $10 per month for the option to watch one film per day in a participating theater, said it has passed 2 million subscribers. The company also reported that it was responsible for $128.7 million of the domestic box office for this year’s Oscar nominated films. MoviePass chief executive Mitch Lowe has described the math behind the company’s claim. He also has an explanation for how the company will survive its biggest economic challenge: that it loses money on any customers who sees at least two movies a month. Continue reading MoviePass Sells $128M in Tickets for Oscar-Nominated Films

Dreamscape Immersive Raises $30M More for VR Attractions

Dreamscape Immersive, a location-based VR startup, is joining forces with Nickelodeon to produce a new intellectual property aimed at children and families. The company, which is headed by former Disney and DreamWorks veterans, just raised $30 million in its Series B round of funding, led by AMC Entertainment with investments from Nickelodeon, 21st Century Fox and Warner Bros. as well as Majid Al Futtaim, VRSense Solutions, and Image Nation Abu Dhabi. Bold Capital Partners, a Series A investor, also joined the second round. Continue reading Dreamscape Immersive Raises $30M More for VR Attractions

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