Hollywood is still rocking an important announcement made by WarnerMedia last week: All 2021 films from the studios will be released on HBO Max on the same day they are released at the cinema. There is a lot to be done in an unprecedented movement, but the financial consequences are particularly important. For example, a new report suggests that the studio is losing at least $1.2 billion in box office revenue by pursuing a hybrid exit strategy.
The new report deals with the situation that started when Wonder Woman was unveiled as the first title in 1984 in both theatres and on HBO Max on the same day. But it was more than once. WarnerMedia soon revealed that 17 films will be released in 2021, including Dune, Suicide Squad, Matrix 4 and many others. Some of these titles could easily grow into billions of dollars of box-office hits under the right circumstances.
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As a result, millions and millions of people would have to be sacrificed in the long term. Of course the theatres are not doing so well at the moment and there is still uncertainty for the coming months. But with vaccines on the way, the outlook for the second half of 2021 is much more promising, according to many analysts. MoffettNathanson therefore expects a loss of $1.2 billion at the checkout. Although the report notes that competing studios expect the number to be higher. John Fithian, president of the National Association of Theater Owners, said…
Most people think the second half of 2021 will be very good. They may not reach record numbers, but they are likely to return to profitable operations.
It is important to note that these films will also be screened outside the United States. A big problem, however, is piracy. The release of HBO Max opens the door for top quality pirate films that travel the world. This could have an impact on foreign gross income. Here’s what Rich Gelfond, CEO of IMAX, says.
Warner has tried to develop a plan to give substance to the pandemic, but the way in which Warner has developed this plan is not ideal because it has announced that the pandemic will not end before the end of next year.
It is said that behind the scenes the A’s talents are overwhelmed by the money they lose. Most talent agreements guarantee a percentage of the profit in the back office based on receipts. The release of HBO Max will significantly reduce these sales. The studio did not renegotiate these contracts before the announcement. Directors such as Christopher Nolan, Denis Villeneuve and Judd Apatow have spoken out against the decision of WarnerMedia. In the end, this solution can be costly in several ways. This news is coming to us through the Hollywood Reporter.
Topics: HBO Max, streaming, theaters.
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