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Warner Bros. says Tenet wasn’t a home run and wasn’t optimistic about the movie

John David Washington and Robert Pattinson are starring in the upcoming spy film Tenet, written and directed by Christopher Nolan.

Warner Bros.

The coronavirus pandemic could not be easily navigated in the studio or cinema.

AT & T chief John Stanky said Thursday that he predicted a non-uniform recovery in the film industry. This could force AT & T’s WarnerMedia to devise new ways to release content.

“We are not optimistic,” he said. “I don’t expect the theater to recover significantly early next year. I expect the instability to continue.”

Stanky’s statement was made during the company’s earnings announcement after AT & T reported that its WarnerMedia segment, including HBO and its film and television studios, generated revenue of only $ 7.5 billion. This is down from $ 8.4 billion a year ago and is a result of the need to close cinemas and postpone major releases of blockbusters.

Warner Bros. was one of the first studios to bring expensive features to market, introducing Tenet to the International Theater in August and to the United States and Canada in early September. Christopher Nolan’s film has won $ 333.9 million worldwide since its debut, a combination of $ 283.3 million in international markets and about $ 50.6 million in domestic ticket sales.

“It’s not a home run away from the Tenet experience,” Stanky said, adding, “I’m happy to have done it.”

Under normal circumstances, Tenet could have earned $ 50 to $ 60 million on its first weekend in the country. This number is comparable to Nolan’s non-Batman films such as “Inception” and “Dunkirk.” However, during the pandemic, the film recorded less than $ 10 million at the time of its debut.

With an estimated budget of $ 200 million and a marketing budget likely to be half that, Tenet is barely broken at the box office.

Warner Bros. is more cautious about other theatrical releases, especially due to its poor performance in the United States. “Wonder Woman 1984” has been flying around the calendar many times before Christmas debut. However, there is no guarantee that this movie will debut in 2020.

Gal Gadot appears in “Wonder Woman 1984”.

Warner Bros.

Audiences are hesitant to return to the theater, especially as the number of cases of Covid-19 continues to surge and there is growing concern that the outbreak may worsen as the moon gets colder. As a result, Regal Cinemas owner Cineworld has closed more than 500 domestic theaters. The domino effect forced the studio to push the movie in 2021.

This chicken or the egg scenario is devastating for cinema operators and studios. Without new content, the theater can’t stay open, but without a lot of open cinemas, the studio can’t release new movies.

The theater wanted the studio to be willing to keep the movie on the calendar as California and New York relaxed theater restrictions. After Governor Andrew Cuomo allowed the reopening of theaters outside New York City, Regal decided to reopen 11 theaters in New York State.

Still, Regal has not reopened other theaters at this time. Keep in mind that closing a company will result in less money being lost.

“I think the holiday season will be the next big checkpoint to see what happens and whether some of the content can actually be returned to the theater exhibition,” said Stanky. I will. “And you will have to make game time decisions based on what is happening in different regions and what is effectively happening in the number of infections in that country.”

Stanky said the company is still working on releasing content in theaters, but leaving the options open and working on “Plan A, Plan B, Plan C.”

“Next month or two months, when we look at what’s going on, we’ll call the A, B, and C plan cards and come back,” he said. “So it’s the best we can give you about where to resume it.”

This is not good news for theater operators who are cautiously optimistic that the debuts of these films will not move to 2021 now that New York theaters have begun to reopen. Several times in the last few months, these owners have increased security and marketing spending, but only saw the movie pushed on a new release date.

Already the world’s largest theater chain, AMC Theaters, and the sixth-largest chain, B & B Theaters, warn that bankruptcy could occur if industry conditions don’t improve quickly.

Warner Bros. says Tenet wasn’t a home run and wasn’t optimistic about the movie

Source link Warner Bros. says Tenet wasn’t a home run and wasn’t optimistic about the movie

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