Major theater chain Cinemark is looking forward to a period of recovery after the effects of the coronavirus (COVID-19) have damaged the industry over the past year.
Cinemark CEO Mark Zoradi spoke about the company's positive outlook for the summer blockbuster season, according to Deadline. As the pandemic's infection rate begins to slow down and the distribution of the vaccine proceeds, he expects Californian audiences to return to theaters for the films scheduled to open in the summer.
Zoradi listed several promising films opening at the end of May, including Disney's Cruella and the next installment in Universal's The Fast and the Furious series. He also noted blockbusters coming later in the season, including Minions: The Rise of Gru and Top Gun: Maverick. "We’re optimistic that we’re going to be able to light up these theaters again come this summer," he said, estimating that California will reopen its theaters in two to four weeks, as New York City has done recently.
Cinemark's revenue was hit badly by theaters closing nationwide in response to the pandemic, with studios delaying or cancelling the theatrical releases for many highly anticipated movies. Film stocks plummeted in December following the announcement that Warner Bros. would release its entire 2021 film catalog simultaneously in theaters and on HBO Max.
However, Cinemark is adapting to the changes in the industry by exploring different strategies, such as booking films from major streaming services such as Netflix, to keep the traditional cinematic experience alive. Zoradi revealed that nearly a quarter of attendance and box office in the company's fourth quarter came from private watch parties, meaning that people rented entire theaters to see new movies in spite of having the option to stream them at home.
Zoradi discussed the evidence that moviegoers still want to go to theaters to watch new films, but also the possibilities that streamers offer. "We’re looking at this as a way for us to look at, 'Do we want to open our theaters up to some of this different content with different, restructured deals depending on the length of the exclusive window?'" he said. "It potentially has some negative but it potentially has some positive."
Although much is still in the air, a return to cinemas seems to be on the way.
Source: Deadline