MOVIE THEATERS ADAPT TO CHANGING MARKET

Over the course of the last decade, movie theaters have slowly had to adapt and accept the fact that the growing adoption of video streaming services are putting the traditional theater business out of commission. But with COVID-19 forcing hundreds of millions of individuals to wait out the pandemic in self-quarantine, theaters around the world continue to suffer even more dramatically.

With no clear end to social distancing orders in sight, what will happen to this year’s summer blockbusters?

Unfortunately for movie lovers around the world, the majority of the summer’s most anticipated films have all rescheduled their releases for the 2020-21 winter season. Both Marvel’s “Black Widow” and “Morbius” have been rescheduled, along with Fast and Furious 9 (aka “F9”), “Candyman,” “Top Gun: Maverick,” and a whole host of others that will be filling out this holiday season’s theatrical releases, if all goes to plan.

Not only is the delay of these summer movies a massive disappointment to audiences everywhere, the money they would have provided the theaters with has left them, and the entire film industry as a whole, in a desperate situation.

In an interview with TIME magazine, Richard Greenfield, media analyst at LightShed Partners, stated, “This was [already] going to be the worst year in movie theater history before the coronavirus hit… [but] this is like pouring lighter fluid on the fire.”

With cinemas already hurting, this extra loss of revenue has forced them into an even worse situation. A handful of anticipated films still are planned for release theatrically this summer, which could provide incredibly important short-term financial relief. That is, if distancing orders don’t force theaters to remain closed.

Among the summer releases still expected to screen are “Wonder Woman 1984,” “A Quiet Place Part II,” “The Forever Purge,” “Tenet,” “Mulan.” These movies are set to screen from June through September, if allowed. Even if they are, there may not be enough of an audience to even make it worth reopening, as many people will likely be hesitant to gather in large crowds before the nation has officially reopened.

Only time will tell how this situation plays out For now, it’s probably best to keep an eye on the latest streaming releases before you decide to pre-purchase a seat at your local cinema.