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For the CEO of Walt disney (DIS), Bob Chapek, there have been fundamental changes in people’s behavior with regard to movie theater, trends that should continue after the pandemic.
“Consumers are probably more impatient than ever, especially now because they now have the luxury of spending an entire year earning titles at home almost whenever they want,” Chapek said at a news conference Monday. technology organized by Morgan stanley. “I’m not sure there is a way back.”
The comments draw the attention of Disney, a company that dominated the box office before the pandemic. Chapek, who spent much of his early career in Disney’s home entertainment division, said he would continue to experience buying movies online or transferring them more quickly to streaming services.
“We certainly don’t want to do anything like jeopardize a movie showing,” Chapek said. But the old approach, according to which a movie could leave theaters and still not be available to watch at home, is no longer viable, he said.
“We like to let the consumer be our guide in almost every situation,” he said. “I don’t think there is tolerance for a title to be out of theaters for months and not yet have the opportunity to be released on another distribution channel.”
Disney had the largest market share of any movie distributor in 2019, prior to the COVID-19 to close cinemas around the world. Even with cinemas reopening, movie fans are slow to come back.
Disney and other Hollywood studios have avoided releasing some of their biggest movies in theaters. In some cases, they were launched directly to consumers on streaming services or made available for purchase online.
