‘Tenet’ field workplace stumble has Hollywood rethinking film launch schedule

The disastrous debut of Warner Bros’ spy thriller “Tenet” at film theaters has Hollywood studios fingering the panic button.

“Tenet” — a $200 million Christopher Nolan manufacturing which has amassed lower than $30 million in ticket gross sales because it hit US theaters on Sept. 3 — has given Tinseltown a wakeup name, with studios grappling with whether or not to launch their remaining blockbusters this yr or maintain them till the coronavirus disaster wanes.

“Studios are making choices primarily based on what’s occurring with ‘Tenet,’” mentioned MKM companions analyst Eric Handler. “What I feel you’re going to see is extra films get pushed again till we see main markets reopen once more.”

Last week, Warner Bros. postponed “Wonder Woman 1984,” starring Gal Gadot, to Christmas Day from Oct. 2, and Universal pushed “Candyman” to an undetermined date subsequent yr from Oct. 16. There’s additionally buzz that Disney will delay the Nov. 6 launch of its Marvel film “Black Widow,” starring Scarlett Johansson, in addition to Pixar journey “Soul” on Nov. 20. Disney didn’t touch upon the hypothesis.

“If ‘Black Widow’ strikes, we actually don’t have a giant movie for fairly some time,” Handler mentioned. “There’s the James Bond ‘No Time to Die’ movie at Thanksgiving, then ‘Dune’ [on Dec. 18] and ‘Wonder Woman.’ We might have a pair big-event movies however by way of depth that’s it.”

The analyst mentioned the push again of movies is establishing a round drawback, during which film theaters “need clients to show up however they received’t show up if there’s no new films.”

The reluctance to return to theaters is due largely to the unpredictable nature of the coronavirus pandemic, which triggered cinemas to go darkish within the US for 5 months.

But “Tenet,” which pre-pandemic was projected to garner round $850 million in world ticket gross sales, was not less than anticipated to jolt the trade again to life. Instead, it arrived on the field workplace with a whimper, grossing $178 million internationally, and $29.5 million in North America, bringing its present world field workplace tally to $207 million, Box Office Mojo mentioned.

Critics blamed the tepid outcomes on the truth that solely 60 %, or 3,500 of North America’s 6,000 theaters are open. Also including to the gross sales woes is the truth that main markets like New York and Los Angeles stay closed.

Still, the “Tenet” debacle has despatched shockwaves by way of Hollywood. At a Bank of America buyers convention final week, Sony Pictures Entertainment CEO Tony Vinciquerra jolted insiders with what regarded like a thinly veiled reference to the flop.

“What we received’t wish to do is make the error of placing a really, very costly $200 million film available on the market except we’re positive theaters are open and working at a big capability,” he mentioned.

Comscore media analyst Paul Dergarabedian mentioned Hollywood should be affected person for the return of theatergoers, predicting that 2021 will likely be an vital yr for the restoration.

“The proven fact that film theaters are simply doing enterprise, that may be a good signal,” the analyst mentioned. “Right now, I simply assume it’s a win that folks wish to return. It’s a frightening factor to return indoors and into these venues after six months.”

Source: nypost.com

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