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The recovery of the movie business during the pandemic has expectedly been a marathon rather than a sprint. But it’s taking longer than any studio or theatrical executive probably hoped.
Studios aren’t releasing as many movies as before the pandemic. Regal, one of the biggest theater chains in the US, is considering filing for bankruptcy. Warner Bros., one of the five major Hollywood studios, is still shuffling its release calendar as its new parent company looks to save costs.
After a promising summer box office led by « Top Gun: Maverick, » movie theaters are facing a dire lack of movies for the remainder of the year. The next surefire hit may not be until November, when « Black Panther: Wakanda Forever » is released.
John Fithian, the head of the National Association of Theatre Owners, told Insider that the organization doesn’t expect movie supply to be back to pre-pandemic levels for another 12 to 18 months, which would bring us to late 2023 at the earliest.
Fithian is optimistic: « When the movies are there, moviegoers are coming. »
For certain movies, that’s been true. « Maverick » has earned close to $700 million just in the US. Other franchise tentpoles, like « Doctor Strange in the Multiverse of Madness » and « Jurassic World: Dominion, » have also performed well. The indie hit « Everything Everywhere All at Once » has impressed.
But mid-budget, non-franchise dramas and action movies, from « Ambulance » to « Bullet Train » to « The Northman, » largely aren’t quite there yet.
