Apple and Amazon are “very pleased” with the cinema results, says Sean Gamble, CEO of Cinemark; Streaming and concert films could soon bring “more content than ever” to cinemas.

Sean Gamble, CEO of Cinemark, said Apple and Amazon, two giants in the technology world but newcomers to the film industry, are “very pleased” with their results so far.

On a conference call with Wall Street analysts to discuss third-quarter results, Gamble said Cinemark’s discussions with the two tech companies show they remain committed to theatrical releases. “They see real value in this space.” (Netflix, for its part, has pursued a more limited theatrical release, though it has experimented with Cinemark and other major movie operators, acquiring theater properties in New York and LA.)

Amazon, which acquired MGM in 2022, plans eight to 12 major releases a year, Gamble said. Creed III And Heaven to the current titles.

Meanwhile, Apple is “really busy,” the CEO said. “They were operating on a slightly smaller level and now do business with major film producers. They have three major releases in the next five months Flower Moon Killer, Napoleon And Argyll. They’ll all hit theaters through distribution partnerships with major studios, but unlike “Coda” or previous Apple films, the trio will spend several weeks in theaters before streaming on Apple TV+.

Flower Moon KillerThe film, which opened on October 20, earned about $88 million at the global box office, about half of that in the United States. Heaven Last spring cost about $90 million. While these results were not necessarily achieved solely on the basis of theatrical production, the buzz generated by both represents a powerful engine for attracting streaming customers and engaging viewers.

The influx of streaming titles, as well as a likely wave of Taylor Swift-inspired concert films, could more than offset the recent decline in traditional studio pipelines. “We clearly see a scenario where in two to three years we could see more content than ever before and more releases than we’ve ever seen in the market,” Gamble said.

According to Gamble, one type of streaming-related release isn’t expected to increase: daily titles like Five Nights at Freddy’s. Although the Blumhouse video game adaptation was available on NBCUniversal’s Peacock streaming service the same day it hit theaters, it still set a Halloween record by earning $80 million.

Gok said Five nights is The 89’s only major 2023 release so far to premiere simultaneously on a subscription streaming provider. The day-and-date boom in 2020 and 2021 was fueled by Covid, which led to extended cinema closures and raised health and safety concerns as expensive new releases waited in the wings. Studios turned to this practice to get some return on their investments, although Warner Bros. Discovery and Disney both suffered setbacks and have since bounced back, shifting more emphasis to films.

“It’s certainly not something we prefer,” said Gamble of Day-and-Date. “Obviously it’s something that’s been tested and frankly hasn’t worked. Our studio partners recognized this. They tried. They realized that the best way to increase and maximize the value of their financial assets and maximize advertising impact is through a theatrical presentation. And there’s no real sign that we’re going in that direction again.”

Five Nights at Freddy’s It was “a somewhat unique circumstance,” Gamble said. “No one thought it would become the Gen Z phenomenon it has become.”

Gamble added that the window flexibility helped address concerns about the need for a day-and-date display. Cinemark and other theater operators entered into agreements that provided theatrical options of just 17 days, though much longer than successful films. This is a significant change from the previously rigid attitude towards the two and a half month deadline for theatrical performances.

Cinemark executives have been pressed on calls for their 2024 and 2025 forecasts as release dates are pushed back due to the ongoing SAG-AFTRA strike. While recent news of constructive talks makes him “cautiously optimistic” about a near-term deal, Gamble said there is limited insight into near-term release dates and volumes. “We’re still waiting to see how the schedule unfolds,” he said.