When Tenet released in theaters back in early September, there was a small spike of movie theater traffic, pushing it up to 43% of yoy traffic. Since then, it has declined down to 38% – an 11% decrease. It seems that while Tenet was able to stir up some excitement for the movie industry, many consumers still remain uneasy about going. In response, Hollywood is continuing to delay film releases into 2021.
Regal cinema decided to close all 536 US theaters by Thursday. This comes after the announcement that more potential blockbusters were being delayed, such as the new James Bond movie and the new Dune movie. AMC and Cinemark have no plans to close at this time
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More than 7,000 movie screens will be dark in the U.S. this weekend as the Regal theater chain said it will shut down all 536 locations on Thursday. The closure reflects “an increasingly challenging theatrical landscape” due to the COVID-19 pandemic and is temporary, the chain said.
Regal is shutting down theaters again less than two months after it started to reopen U.S. locations in late August. The decision was announced after the James Bond franchise’s No Time to Die was shelved until 2021, further pushing back a release that had already been delayed.
The news raises fears that AMC Entertainment Holdings, Inc. (AMC), Cinemark Holdings, Inc. (CNK), and IMAX will eventually file for bankruptcy, joining numerous private operators and small-town businesses. Media analyst Rich Greenfield sounded the alarm about the longer-term impact on Tuesday, warning, “The experience of going to a movie needs to feel IMAX-like, more event-like to get you out of the home. The longer the pandemic lasts, the longer theaters are vacant with movies, the more likely that consumer behavior starts to shift.”