Many analysts fear that these blockbuster films won’t return until there is a viable coroanvirus vaccine or California and New York reopen more theaters.
There’s no denying it. The box office is in trouble. Hollywood postponed another wave of blockbuster films in recent days as ticket sales remain low and audiences stay home on their couches. The delay of «Wonder Woman 1984,» «Black Widow,» «No Time to Die» and more have left a gaping hole in the theatrical calendar. The exodus prompted Cineworld, the owner of Regal, to shutter more than 500 theaters in the U.S. starting this weekend. Some fear that the trend will hold until there is a viable coranavirus vaccine or populous states like California and New York reopen more theaters. The two states together account for 21.5% of the total U.S. box office receipts each year, according to data from Comscore. But they also have outsized clout. Movies that succeed in these markets can generate buzz that spreads and sells tickets in other parts of the country. «I don’t think we see any major new films until NYC and LA are able to open their theaters,» said Eric Handler, managing director of media and entertainment equity research at MKM Partners. «Middle America cannot support the industry on its own.» Currently only 139 of California’s more than 500 movie theaters are open to the public and only two of New York’s nearly 300 locations are open. And those numbers could fall after Cineworld shutters its Regal sites.
