After the indefinite delay of Christopher Nolan’s ‘Tenet’ earlier this week, Disney’s live action ‘Mulan’ (DIS) officially did the same, putting some of Hollywood’s most bankable premieres into freeze and leaving theaters desperate trapped in limbo.
The media giant removed the film from its theatrical release list without a new scheduled date, a disastrous blow to theaters that relied on the $ 200 million store pole to revive business and quickly fill seats.
AMC, one of the largest US theater chains (AMC), postponed its reopening plan from mid-July to mid-to-late August following the ‘Tenet’ decision. Previously, the chain landed in hot water after bowing to intense pressure on the need for face masks in reopened theaters.
So far, the company has yet to react to the disappointing postponement of ‘Mulan’. However, it’s hard to imagine that theaters can reopen without at least one box office success waiting on the other side.
Meanwhile, coronavirus cases continue to rise in several states in the US as the nation faces a second wave. The harsh reality has confused the timeline of when it will even be possible for indoor entertainment venues to embrace the public once again.
AMC cannot hold the lock much longer. Last month, the chain nearly filed for bankruptcy before receiving an infusion of $ 300 million in debt financing from Silver Lake Partners. That, along with the bottleneck of movies waiting to air on the big screen, has contributed to an uncertain future.
The ‘Star Wars’ and ‘Avatar’ sequels, for example, have been delayed for at least a year due to the large number of slate changes and production delays.
Movie theaters are desperate for a lifesaver as both ‘Tenet’ and ‘Mulan’ delay release dates indefinitely
At the time of the ‘Tenet’ announcement, rumors revolved around the sci-fi thriller potentially ignoring the theatrical experience entirely and heading straight for a streamer like HBO Max (T). But AT&T CEO John Stankey quickly rejected that theory during an analyst call Thursday.
“Is it going to happen with a movie like ‘Tenet’ or something like ‘Wonder Woman’? I would be very surprised if that were the case. In fact, I can assure you with ‘Tenet’, that will not be the case, ”he added.
As the streaming landscape continues to intensify, AT&T gave an update on subscriber growth for its new HBO Max service, confirming that the platform received 4.1 million total installs in its first month since its launch.
According to the company, three million new users purchased the app directly from WarnerMedia through online registrations, while another million came from wholesale customers who had access to the app from AT&T wireless packages.
AT&T also revealed that HBO and HBO Max have a combined 36.3 million subscribers, 5% more than at the end of 2019.
Stankey praised the launch as “perfect” amid the backdrop of the coronavirus pandemic. While he added that customer engagement “exceeded our expectations,” those numbers suggest that most HBO subscribers, who automatically received the HBO Max app for free, did not access its content.
At the end of June, 4.1 million users activated the HBO Max app, according to AT&T
Comparatively, it is clear that the streaming novice is starting slowly. Disney + caught 10 million subscribers on the first day of its launch, while Netflix (NFLX) added an additional 10 million users in the last quarter alone.
Still, Netflix executives warned that as the initial shock of the coronavirus pandemic wears off, users are expected to fall. The platform issued a disappointing third-quarter subscriber growth guide, a tired sign as other entertainment subsidiaries expect a lifeguard.
