Legal was one of the most notable holdouts in the gradual reopening of cinemas across the country. For nearly half a year U.S. 7,211 screens and 549 theaters are dark.. It will open early next month and will have a capacity of 25% to 50% at about 500 locations.
Cineworld has also signed a new multi-year contract with Warner Brothers. Starting next year, the studio release will have a 45-day exclusive period at Legal Cinema, about half of what it used to be. This doesn’t apply to this year’s Warner release, which will be streamed simultaneously on HBO Max when it’s released in theaters.
“We are very pleased with the agreement with Warner Bros.,” said Mooky Gradinger, Cineworld’s CEO. “This agreement represents Studio’s commitment to the theater business and we consider it an important milestone in our 100-year relationship with Warner Bros.”
Legal’s reopening on April 2nd will coincide with the release of Warner Bros. “Godzilla vs. Kong”
This agreement is the latest in reordering the theater market. It’s a pandemic-accelerated ocean change, but given the rise of streaming services, some analysts consider it long-term.
Universal Pictures agreed to deal with AMC and Cinemark (the first and third largest chains) last November, shrinking theater windows to 17th or 3rd weekends. Greidinger at the time said the company didn’t feel “business sense” in the model.
Walt Disney Co. announced on Tuesday that it will release some of its biggest upcoming films in theaters and Disney + at the same time, including the Marvel movie “Black Widow.”
In the UK, where Cineworld is aiming to reopen in May, the Warner Agreement will reduce theater duration to 31 days, but can extend it to 45 days if the film reaches a certain box office record.
According to data firm Comscore, about half of North American theaters were open as of last week. In the past few weeks, for the first time since the pandemic began, theaters have been allowed to reopen in the two largest US markets, New York and Los Angeles.
“Most states in the United States have increased capacity limits to more than 50%, enabling profitable operations in the largest markets,” Greidinger said.
Copyright © 2021 By AP communication. all rights reserved.
Regal Cinemas reopening: 2nd largest movie theater chain in US to reopen in April Source link Regal Cinemas reopening: 2nd largest movie theater chain in US to reopen in April