The Cineworld-owned movie theater chain is slated to reopen around 500 venues on April 2 at limited capacity based on local guidelines. In most cases, attendance is capped between 25% and 50%.
Regal Cinemas will present Warner Bros. ‘movie’ Godzilla vs. Kong ”during his first open weekend. “Mortal Kombat” will play in theaters starting April 16.
Warner Bros. has made the decision to release all of its 2021 films simultaneously in theaters and on its HBO Max streaming service. That meant she had to renegotiate deals with each movie company to make sure her films would be shown on the big screen.
Cineworld is the latest movie channel to agree to these terms and to enter into a long-term deal with the studio to ensure that after 2021 there will be a longer period between a film’s theatrical release and its availability on the market. domestic market.
Warner Bros. and Cineworld have signed a multi-year agreement that begins in 2022 and states that Warner Bros. ‘The features will have to be theatrically released for 45 days before moving to streaming or video-on-demand platforms.
In the UK, the deal is 31 days and can be extended to 45 for films that open with a fairly high box office.
Regal Cinemas is the second largest theater chain in the United States, just behind AMC Theaters. The company chose to close its cinemas six months ago.
At the time, Mooky Greidinger, CEO of Cineworld, told CNBC that closing sites in the US and UK was a way to stem the “bleeding.” He said his business was losing less money by not operating.
With local restrictions easing in places like California and New York City, it appears Regal is more confident that its theaters can thrive and become profitable again.
The two states together account for 21.5% of total U.S. box office revenue each year, according to data from Comscore.
New York theaters were allowed to reopen at limited capacity during the first week of March, and Los Angeles theaters were allowed to reopen two weeks ago.
New York City accounts for nearly 24% of New York State’s total box office, and Los Angeles is roughly 30% of California’s. These cities have above-average ticket prices and population density, in addition to being hubs of the entertainment industry, making them vitally important to the financial well-being of the industry.
Reopening these two cities to business gives studios the confidence to release major blockbuster films and theater operators the confidence to reopen the venue. As of the past weekend, about 51% of North American theaters were open to the public, according to data from Comscore.