Amazon’s upcoming release of Ben Affleck and Matt Damon’s Nike film Heaven in theaters exclusively in April “could be the start of a significant move toward theatrical release by streaming companies,” said Sean Gamble, CEO of the nation’s third-largest movie chain.
Amazon released plans for the charge last month Heaven a wide theatrical release on April 5, the streamer’s first wide release since Mindy Kaling Late at night in the summer of 2019. She captioned the photo with a nice opening promo for the Super Bowl. Streamer content can help expand a broad release slate that desperately needs to grow to 100+ films this year or later, back to pre-Covid 130 average releases.
“All of our traditional studio partners insist that theater is a better way to create value,” Gamble said on a post-quarter earnings call. Movies with a theatrical window are more profitable “and ultimately have more value for streaming platforms,” he said, noting that in-theater testing bears this out. A shift in strategy, voiced by every major media giant and repeated this earnings season, also reflects Wall Street’s renewed commitment to punishing them for chasing streaming subscriber growth at all costs.
Amazon hasn’t given a window yet, but it’s “imminent” in 45 days, Gamble said. “I’m not sure if it’s public and it might not be fully decided yet [but] We know it matters where it starts.
It “depends on how well it holds up,” but “it seems to be the direction they’re going with their films, what they’re saying, what they’re telling us and what we’re hearing from other streamers, like Appel.”
Generally, “there will be a 45-day window for the more commercial films. You need some time to get the benefits that a theatrical release can bring to a film.”
Heaven reveals the groundbreaking collaboration between then-rookie Michael Jordan and Nike’s fledgling basketball division that revolutionized sports and contemporary culture with the Air Jordan brand. Damon plays the outsider to Nike CEO Sonny Vaccaro, and Affleck is Nike co-founder Phil Knight.
Despite solid progress for the full year 2022, Cinemark said it saw fewer releases, particularly in the fourth quarter, and some underperformers saw revenue decline 10% to around $600 million. It swung from a profit of $5.7 million a year earlier to a net loss of $99 million – or EPS of -82 cents versus a positive 5 cents. Avatar: The Way of Water reached December 18 and helped buoy the current first quarter.
The higher-volume release for 2023 still has gaps, especially in late summer and early fall, and Gamble invited studios to consider it.
Der Sked: “It has some similarities with 2022 now, at least on paper, more volume, but there is a bit of calm coming in that late summer-early fall period.” It’s always been softer, “but movies are doing really well in this one Time, too,” he noted. “There’s opportunity there. We suspect it could happen, that the studios could see it and there’s definitely an opportunity for date shifts .
“For new movies, if you’re thinking about where to date your content, this window is a great opportunity to do that.”
Notably this quarter, Cinemark founder Lee Roy Mitchell (85) resigned from Cinemark’s board of directors after an influential tenure of nearly 40 years. Mitchell and his wife Tandy founded Cinemark in 1984 and grew it into a global company with nearly 6,000 screens in 16 countries. Mitchell was CEO until 2006. His son Kevin Mitchell (54) succeeds him as Mitchell’s designated director.
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Source: Deadline
Bernice Bonaparte is an author and entertainment journalist who writes for The Fashion Vibes. With a passion for pop culture and a talent for staying up-to-date on the latest entertainment news, Bernice has become a trusted source for information on the entertainment industry.
