Is coronavirus the ‘nail in the coffin’ for movie theater industry?
Jeff Sica of Circle Squared Alternative Investments on how the coronavirus pandemic has changed entertainment habits.
“Wonder Woman 1984” director Patty Jenkins is warning U.S. moviegoers that the theater experience is facing total extinction due to the coronavirus pandemic.
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The director has seen the release date for the sequel to 2017's "Wonder Woman" delayed three times. The next installment in the DC Comics franchise was originally supposed to kick off the summer in June but is now scheduled to bow on Christmas of this year. Surprisingly, the film is one of the least-delayed movies, with expected tentpoles like “Black Widow,” “No Time to Die” and “The Batman” pushing their releases back to at least 2021.
Speaking to Reuters, Jenkins sounded the alarm for the movie theater industry in the U.S.
“If we shut this down, this will not be a reversible process,” she told the outlet. “We could lose movie theater-going forever.”
SAN FRANCISCO MOVIE THEATERS CAN REOPEN — BUT CONCESSIONS BAN KEEPING THEM CLOSED
While the theater industry in other countries has regained some ground since most shut down in March due to the worldwide pandemic, the major markets in the U.S., such as New York City and Los Angeles, remain closed. Meanwhile, theaters in parts of the country that are open again have seen waning ticket sales as customers seem wary to risk COVID-19 amid a dearth of new releases.