Cineworld Responds to 17-Day PVOD Agreement with Universal-AMC – Deadline

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EXCLUSIVE: Those in town who assume that one of the other major exhibition circuits will fit into AMC’s lineage and seek their own 17-day theatrical-PVOD showcase deal with Universal will soon realize that it will be a day. cold in hell.Cineworld CEO Mooky Greidinger, who oversees the world’s second-largest channel, exclusively told Deadline that “we don’t see any commercial sense in this model” regarding the Universal and AMC deal. for a 17-day theatrical window for films, with an option to continue on PVOD thereafter.

“While we don’t know all the details and still analyze any movement in the industry, we will analyze it. People have to be aware that Universal’s first big movie won’t be released for six months, so there’s no pressure here, ”said Greidinger. “But we clearly see this as a bad decision at the wrong time. It is clear that we are not changing our policy regarding the broadcasting only of films which respect the theatrical showcase. “

Universal and AMC theaters make peace, will open the theatrical window at 17 days with option for PVOD after

Cineworld’s response should come as no surprise as it’s the same message Greidinger made loud and clear in April, when AMC was publicly fighting with Universal over theatrical PVOD. Greidinger said at the time: “We make it clear again that we will not show any films that do not respect windows.”

Cineworld’s Regal is the second largest chain in the United States with 7,155 screens in 542 theaters in 42 states. In total, Cineworld is present in 10 countries with 787 sites, totaling 9,500 screens.

MGM

Universal has offshore distribution on MGM’s Bond film No time to die in November with the release of the following films for the rest of the year: MGM’s Candyman October 16, DreamWorks Animation’s The Croods 2 December 23, and the historic period of Tom Hanks World news December 23. His big films are not before 2021 with F9, Jurassic World: Dominion and Minions: The Rise of Gru, there is therefore a long time to go before we see whether this agreement has any impact on the whole industry. Theaters try to reopen with Warner Bros’ Principe and we don’t know what business will look like until then.

In addition, I also understand that this AMC-Universal agreement is an experiment in the United States, and that the conditions for whether this agreement will be concluded in foreign markets have yet to be decided. Three-quarters of the world’s exposure is international, and sources say it will be difficult for Universal to make international deals.

In addition, many players in distribution and exhibition question the notion of the duration of the “multi-year” of AMC and Universal. Is it two years? Because it’s not really a threat. If it’s four to five years, it will get interesting.

Meanwhile, Cinemark, when it arrived on Tuesday, was not available for comment. A number of film executives speculated yesterday that the Plano, Texas-based chain would not be quick to seek a deal similar to the one AMC and Universal have in the works. This despite the fact that Cinemark CEO Mark Zoradi said in a recent earnings reminder in June: “We are ready to discuss with the studio partners what alternatives we can consider.”

However, Zoradi explained to Deadline the same month saying, “The great movies, the ones that really matter, these movies financially have to go to theaters. It’s a business of over $ 40 billion. In fact, in 2019 it was $ 42 billion worldwide. And in some cases, half or more than half of the revenue stream for major motion pictures comes from world cinema. You can’t just take that away and think the economy will work. And honestly, the studios recognize it. Disney clearly does it, Warners does, and I think Universal does it on its big movies. And that’s why movies like F9, Jurassic World: Dominion and Minions: The Rise of Gru, they all become theatrical because they want this high income per cap that they get from the cinema. ”

Additionally, NATO did not release a response to the AMC-Universal deal yesterday, although it criticized the latter in April for its decision to spend the day and theatrical date-PVOD on World tour of the trolls.

A midsize exhibition film buyer yelled at Deadline yesterday about NATO and its silence on the AMC-Universal deal: “We didn’t make NATO stand up and we represented? What’s going on at NATO? You are the voice for us. You are the reason why we cannot get along.

The last time AMC went this route exclusively with Paramount in 2015 for a truncated US theatrical release of Zombie Apocalypse Scouts Guide and Blumhouse’s Paranormal activity: the phantom dimension, it ended up being a disaster, with both films dying at the box office with $ 3.7 million domestic and $ 18.3 million domestic respectively. Rival exhibitors were ticked off by Paramount’s then-exclusive deal with AMC and refused to participate in the studio experiment even though they had been hired to receive a share of the first home entertainment revenue from the photos.

By the way, talk to some independent exhibitors who participated in this Paramount-AMC experiment, and you’ll learn that they weren’t exactly rolling in the dough.



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