Warner Bros. is already making post-pandemic plans by changing its movie premiere strategy. Warner Bros. has struck a deal with Cineworld as the theater chain announces plans to reopen a number of its Regal Cinemas locations. After reopening its New York and Los Angeles locations, Cineworld CEO Mooky Greidinger calls the situation (per Deadline)”a great moment for us โ the U.S. market represents 75% of our business โ and soon will be followed with all our markets. We are great believers in the theatrical experience, which only a year ago (2019) generated $43B worldwide.”
Due to the coronavirus pandemic and the closure of numerous movie theaters throughout the U.S. and worldwide, the studio was previously forced to release many of its scheduled 2020-2021 films on streaming platforms, namely HBO Max. Starting with Wonder Woman 1984, Warner Bros. made plans to release all of its 2021 slate on the streaming service, including its highly anticipated debuts like Dune, The Matrix 4 and LeBron James’ Space Jam: A New Legacy, among others.
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The two entities have agreed to an exclusive theatrical window of 31 days prior to PVOD, and an extended window of 45 days for films that open to an agreed-upon box office threshold. “We are very happy for the agreement with Warner Bros. This agreement shows the studio’s commitment to the theatrical business and we see this agreement as an important milestone in our 100 year relationship with Warner Bros,” Greidinger said of the deal. The CEO has long been vocally supportive of the theatrical window, according to Deadline.
Greidinger says the deal depended upon a “clear picture of the lineup of the studiosโฆ It cannot be one movie only.” He further commented on the deal and the reopening of numerous locations, saying, “We have long awaited this moment when we can welcome audiences back to our Regal theaters and restore our essential role within the communities we serve. With the health and safety of our customers, staff, and communities as our top priority, we continue to take all the necessary precautions and abide by our CinemaSafe guidelines to confidently provide a safe and comfortable experience. With capacity restrictions expanding to 50% or more across most U.S. states, we will be able to operate profitably in our biggest markets. We will also be monitoring developments closely in the UK and across Europe as we set to gradually reopen across the world in line with local government guidance.”