LAS VEGAS (AP) 鈥� The future of theatrical moviegoing is at a critical moment. More people have been going to this year than last, but the foundation is delicate.
Annual domestic box-office grosses are still down about 20% from pre-pandemic levels, competition from streaming has only intensified and there are very real worries about what consolidation might mean for the release schedule as under Paramount.
It鈥檚 under these precarious conditions that Hollywood executives and movie theater owners are gathering this week in Las Vegas for , the annual exhibition and trade show made famous 鈥� or at least slightly less obscure 鈥� by Seth Rogen’s show and his 鈥渙ld school Hollywood buffet.鈥� Real-life Hollywood executives have bigger concerns than throwing a party, however.
A critical time for movie theaters
As 鈥淔1鈥� and 鈥淭op Gun: Maverick鈥� said last week in a statement: 鈥淲e are at a defining point in the future of this industry.鈥�
Bruckheimer, 鈥淥ppenheimer鈥� and are teaming up to do something about it. Just last week, , the trade organization representing some 60,000 movie screens in the U.S. and abroad, announced that Bruckheimer would be chairing their newly established filmmaker leadership council, with Thomas as vice chair and Coogler as one of its inaugural members.
Other members include Brad Bird, Celine Song and Jason Reitman, who will advise on issues facing theatrical moviegoing, including windows, referring to the number of days films play exclusively in movie theaters before being available to buy or rent at home, and consolidation.
鈥淥ur industry is strongest when it works together to promote the singular experience of seeing a movie on the big screen,鈥� Cinema United president and CEO Michael O鈥橪eary said in a statement. 鈥淭he importance of having Jerry and Emma at the helm of this initiative, at such a critical time for our industry, cannot be overstated.鈥�
The Paramount and Warner Bros. elephant in the room
Much of the public and private handwringing will revolve around Paramount鈥檚 pending acquisition of Warner Bros. Both studios will be hyping their upcoming slates to theater owners, in separate presentations: Warner Bros. is planned for Tuesday and Paramount is on Thursday. The question is how much, if at all, executives from either company will address the elephant in the room from the stage as former 20th Century Fox Chair and CEO Stacey Snider did in 2018 with the Disney acquisition looming.
While Paramount Skydance chairman and CEO David Ellison has said that he would like to grow the combined Paramount and Warner Bros. slate to more than 30 movies a year, there are lingering from organizations such as Cinema United.
Historically, fewer standalone studios have meant fewer movies made for theaters, and between the pandemic, the strikes, the ramping up of streaming services and general financial instability, the release schedule has taken the hit. In 2019, there were 112 wide releases, or films released in over 2,000 theaters. This year, for the first time since the pandemic, that number is up to 115, according to Comscore.
On Monday morning, more than a thousand Hollywood professionals, including Denis Villeneuve, Kristen Stewart, J.J. Abrams and Joaquin Phoenix in an open letter arguing that it would only further reduce jobs.
The show must go on, with stars and footage to help
Doom and gloom is hardly ever the prevailing mood at CinemaCon, however. The studios wouldn鈥檛 shell out big bucks to bring out their stars and footage if there weren鈥檛 some optimism and excitement about what鈥檚 to come.
The audience-driven studio Angel announced five new movies from the Colosseum stage Monday: A Cold War drama starring Jeff Daniels as President Ronald Reagan, an Owen Wilson and Alan Ritchson action movie and a remake of the John Wayne movie 鈥淎ngel and the Badman鈥� starring Tommy Lee Jones, among the titles. The studio behind the box office hit 鈥淪ound of Freedom鈥� plans to release 10 films in theaters this year.
Universal鈥檚 president of domestic distribution Jim Orr said he thinks the mood going into the conference is 鈥渧ery optimistic.鈥�
鈥淭he first part of the year we鈥檝e seen some extraordinary titles and great business, including our own 鈥楽uper Mario Galaxy Movie,鈥欌�� Orr said. 鈥淚 think it should be quite the celebration in Vegas this year.鈥�
This summer has Christopher Nolan鈥檚 鈥淭he Odyssey,鈥� a Steven Spielberg sci-fi spectacle, a Star Wars movie, the live-action 鈥淢oana,鈥� a fifth Toy Story and a new 鈥淪pider-Man.鈥� And later this year there鈥檚 a new Marvel movie, 鈥淎vengers: Doomsday鈥� and the third 鈥淒une,鈥� both coming out on the same day, December 18. Could Dunesday be the new ?
There have also been bright spots for movie theaters recently, including increased audience interest in premium large formats, like , and a boom suggesting that families and younger audiences haven鈥檛 entirely abandoned the big screen for the small one.
The recent success of films like 鈥淧roject Hail Mary,鈥� 鈥淗oppers鈥� and 鈥淲uthering Heights鈥� also show that it鈥檚 not just franchises that are bringing people to the theaters 鈥� although it鈥檚 wrong to underestimate the importance of
鈥淎t least from the box-office perspective, we are going in on a very positive note,鈥� said Paul Dergarabedian, who heads marketplace trends for Comscore.
Plus, those inside the industry are often quick to remind that the business has survived its share of existential crises, whether it鈥檚 streaming, piracy, VHS or television.
Thomas, who is producing 鈥淭he Odyssey,鈥� emphasized the 鈥減rofound cultural value in gathering together with a group of strangers and connecting while experiencing something special on the big screen,鈥� in her statement about partnering with the movie theater trade organization.
鈥淭hat is what this is about: making sure that cinemas of all sizes, around the world, can continue to present our stories in the best possible setting, so movie fans of all ages can enjoy them as they were intended to be seen,鈥� Thomas said.
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