Analysts are eagerly awaiting “Tenet” and “Mulan,” as they will indicate if consumers have confidence in returning to movie theaters and if studios will have the confidence to continue to release films in theaters in 2020.
In normal times, Labor Day weekend signifies the end of the summer box office. For many, it is the last weekend before kids head back to school and blockbuster action films are replaced with horror flicks and Oscar contenders. This year, Labor Day weekend holds new meaning. The coronavirus pandemic shattered any hopes of seeing superheroes and souped up cars on the big screen. It wasn’t until late August that Hollywood began releasing big-name films to the public again and major movie theaters were able to reopen their doors to moviegoers. After two weeks, the first big test for the film industry will arrive in theaters. Warner Bros.’ “Tenet” will finally be made available in the U. S. and its performance will signal if the domestic box office can withstand the headwinds posed by the ongoing Covid-19 outbreak. “Many have said this is the film they have been waiting for; the film they would risk seeking out in the middle of a pandemic,” said Jeff Bock, senior analyst at Exhibitor Relations. Labor Day weekend will also see the arrival of Disney’s “Mulan,” which was initially slated for a theatrical run back in March. However, after months of pushing the film further on the calendar, Disney ultimately made the decision to place the film on Disney+ for an additional one-time charge of $29.99. Analysts are eagerly awaiting these two film releases because they will not only indicate whether consumers have confidence in returning to movie theaters for big-budget movies but whether studios will have the confidence to continue to release films in theaters in 2020. “It’s not an overstatement to say that the movie industry is at one of the key inflection points in its history,” Comscore senior media analyst Paul Dergarabedian said. “The stakes could not be higher.”The theatrical test While independent films have been released during the pandemic, Aug.21 is when major theater operators like AMC, Cinemark and Regal reopened. “Unhinged,” Solstice Studios’ road-rage film starring Russell Crowe was the trailblazer, garnering $4 million during its opening weekend.
