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[JareBear: Remastered]

AMC Theaters Warns Of Bankruptcy, Cinemark Outlines Re-Opening

Competitor movie house chains broadcast different spins on coronavirus losses.

www.gamespot.com

Those most excited to see Christopher Nolan's Tenet debut in theaters, on July 17, may just be theater chain giants AMC Entertainment and Cinemark. No one expected large movie theater chains to make money while they were closed, shuttered in mid-March to prevent COVID-19 spread, but recent reports of first quarter losses came with a grim outlook from AMC and optimism from Cinemark.

Wednesday morning, Variety reported that AMC is once again worried about bankruptcy. "We believe we have the cash resources to reopen our theaters and resume our operations this summer or later," AMC wrote as part of an SEC filing, before noting that the chain has "never previously experienced a complete cessation of our operations." It also warned that due to the possibility of additional closures or lower-than-expected demand, "substantial doubt exists about our ability to continue as a going concern for a reasonable period of time." In April, AMC raised a similar alarm, but managed to secure $500 million to see them through to July. Later that month, AMC had a tiff with Universal over the paid video-on-demand release of Trolls World Tour.

Based on a couple articles I read last night/this morning it sounds like Tenet is being viewed as the best chance to "kickstart" or "revive" move theaters, but July 17th still seems pretty far away as far as a zero income situation for companies that already haven't been making money for so long now.

Seems like AMC/bankruptcy rumors/reports pop up every other day.

Are movie theaters gonna survive?

Even if theaters open back up for Tenet, how much money is one movie going to make for all theaters, everywhere? Will it be enough to keep them alive until the next wave of billion dollar projected MCU films (or whatever) come out?

 

[Cravis]

Is an original Nolan film really going to bring in the mainstream movie watchers?

Then again, in Nolan we trust

 

[Robot Carnival]

I think they will, but probably a lot of changes will be made in all aspects in the business.

on a side note, would this be a good way to get drive-in theaters going again? I've heard that some of them have Bluetooth speakers and what not these days.

 

[Ragnarok]

I fuckin' hope so. Theater experience still can't be beat. On the other hand, maybe a shift in the market dynamics of movies would lead to less 300 million dollar blockbusters. Lower budget films could be made and there might be more variety.

Still, I love going to the theater.

 

[Tesseract]

they will pair down and ramp up over time if the market wants for it

it's long overdue tho, most home experiences are better

 

[TheContact]

I love going to the theaters and it's going to suck if these places end up closing down. Having said that, I really liked watching Onward with my family on my TV at home for movie night without having to go out somewhere.

 

[ScarletSpider]

.

 

[Mihos]

They may shuffle ownership, but they will be fine.

 

[DKehoe]

Hope so. Going to the cinema is one of the things I've really been missing.

 

[Ememee]

I’m torn. I’ve loved the movie theater experience since I was a kid but I kind of hate to see what it’s become. And the nature of the movie industry as a whole. I’d welcome changes.

 

[JareBear: Remastered]

Honestly I’d be content to never step foot in a theater again if I could pay a 10 dollar premium on iTunes movies to get them day and date with the theater.

If theaters go the way of the dodo, and digital releases become the norm, I wonder if they amp up counter-piracy measures to try and offset how much more money they would be losing

Although, is there really anything they can do in that regard?

 

[ScarletSpider]

.

 

[Goro Majima]

It’s really early to say because so much depends on what a second wave might look like.

If Fauci is correct about having enough vaccines for everyone in early 2021, then movie theaters will eventually be fine.

What would be interesting is if consumer preference changes in any significant way long term. Based on what we’re seeing with restaurants and other places opening back up, I’m guessing it won’t be too terrible.

 

[Blond]

I mean I hope not, it's pretty clear that "Hollywood" big budget films are the reason were in this situation creatively.

Just look at how many amazing movies were made on modest/mild budgets compared to their blockbuster counterparts; nowadays it's go big and suck everyone in or nothing unless were talking A24, but that's basically an art house with quality control lol.

Secondly, I would rather pay 25 bucks to watch in Dolby Vision on my OLED than I would 17 dollars for a single ticket at a theater and having to deal with...everything that comes with it.

 

[#Phonepunk#]

of course they will. Hollywood is too plugged into the power structure.

if the worst case happens, they will get their own bailout, courtesy of west coast Dems. they will sell it as "making Trump mad" and liberal voters will openly cheer giving millions to people who are already rich.

 

[synchronicity]

I mean I hope not, it's pretty clear that "Hollywood" big budget films are the reason were in the state we're in creatively.

Just look at how many amazing movies were made on modest/mild budgets compared to their blockbuster counterparts, nowadays it's big and suck everyone in or nothing unless were talking A24; but that's basically an art house with quality control lol.

Hollywood knows little else other than spectacle. They've been virtually creatively bankrupt forever.

 

[JareBear: Remastered]

Mana never got ITT

 

[cruets]

i'd be happy to pay $80 for day and date to watch at home . i dont think movie theaters will make it with the TSA type security health checks and social distancing. just too much of a hassle

 

[TaySan]

Nah. Covid is only accelerating the inevitable. It's just so damn expensive to go to the movies i rather just wait for the blu ray and watch on my OLED with better picture.

 

[thefool]

Yeah, sure. No industry is going to completely change because basement dwellers scream incessantly they want to watch it right away in their bedroom, in their pajamas while eating tendies.
Movie theaters have been losing audiences for decades, they keep running that box office reporting scam so people don't notice so much, but there's more than enough room to keep releasing movies exclusively for a certain period in theaters. Nobody forces you to go there, anyone has the option to wait and see it at home.

There was never a time where I've watched a good movie and thought "oh wow, i would have prefered to watch it at home". I'm not a rich arab, so that option isn't really an option. Decent setups being compared to an actual decent movie theater is just another cope.

 

[MaestroMike]

pretty sure movie studios would lose a ton of money if theaters went out and I don't think they'll let that happen.

 

[Super Mario]

It's sad to see it go. Most people who say so are priviledged kids who feel entitled to downloading it illegally. Believe me, I have no love loss for Hollywood, but wouldn't want to see theaters go.

I'm really surprised we haven't seen the experience evolve more. AMC has been great for comfy chairs, and assigned seating. Things I really like. I've always wondered why they don't let you order food to be delivered to you.

 

[Manstructiclops]

I don't know how they'll figure it out. When I worked in cinema we only ever made money when the screens were ram packed.

 

[ManaByte]

Movie theaters are a mafia racket that have held audiences and movie studios hostage for too long. Movie studios won't publicly ever admit it because the National Organization of Theater Owners will make a huge public stink and threaten to not run their movies, but I know people who work for studios and they ALL say that it'd be better if theaters went away and they just went direct to consumer. Hell, they'd make more money because of the 50% take the theater mafias take off the top.

 

[Grinchy]

I think it's dumb that they can't be open right now. They sell assigned seats. They can easily edit the system to only allow "socially distanced" seats being purchased.

Let's drop the fucking pretense. Crowds of thousands of people are gathering to virtue signal and loot stores. We can allow businesses to go back to doing business.

 

[ManaByte]

I think it's dumb that they can't be open right now. They sell assigned seats. They can easily edit the system to only allow "socially distanced" seats being purchased.

Let's drop the fucking pretense. Crowds of thousands of people are gathering to virtue signal and loot stores. We can allow businesses to go back to doing business.

They were doing the reduced capacity thing before they closed.

Right now it's about flattening the economy as much as possible before November.

 

[J-Roderton]

More drive-ins.

 

[Halo is Back]

Well I can tell you I will be back in theaters once they open and new movies come out. I can't wait to just experience that again with some nice nachos

 

[cryptoadam]

They gonna start playing movies for all the looters. Break into a target, watch the newest Tyler Perry movie while you stealing Nikes. This way you don't have to socially distance.

 

[West Texas CEO]

I got money in the stock market riding on it

 

[-YFC-]

If theaters go the way of the dodo, and digital releases become the norm, I wonder if they amp up counter-piracy measures to try and offset how much more money they would be losing

Although, is there really anything they can do in that regard?

How does anti piracy work for movies? I get it for games but for movies, I just don't see it working. Everyone can record their screen and later edit that and you have a pirated movie.

 

[Cutty Flam]

I hope they survive, I suspect it will have to change dramatically to keep a large percentage of their customers

 

[Ten_Fold]

Nothing beats going out to see a cool movie. I don’t really watch movies at home, can’t really enjoy it as much especially marvel movies. Soo hopefully movie theaters stick around, I say open more drive in theaters in warm states.

 

[Alcibiades]

Several movie theaters in the San Antonio and Austin area have been for about a month. I went once to Santikos, and many times to Evo Entertainment and saw the following movies:

Bloodshot
Aquaman (EVX format)
Wonder Woman (EVX format)
Shazam! (EVX format)
Fellowship of the Ring
The Two Towers
Dazed and Confused
The Wretched
Sonic the Hedgehog

Right now it's perfect because Evo is giving free movie tickets (4 per week) with no conditions, except to signup for the free rewards program, so basically it's been free movies and if I stay to watch another it is only $5. I've been buying popcorn and soda and all that too, which I usually do anyway.

AMC says they are in danger of bankruptcy, but I believe Cinemark has said that they can be profitable at 10% capacity, whatever that means.

I hope they don't go away, but I think A LOT of people are scared by the virus and don't want to leave their homes. In the comments I see on Facebook, parents are trying to get schools to commit to not opening in the fall. People are going gung-ho for curbside pickup of groceries and stuff like that.

People seem scared to death - and maybe they should be I know there is not enough known about the virus. But personally, I have taken to trying to get back to normal overall. I wear a mask, primarily to put others at ease, but I'm sure there are health benefits to it. Other than that, I've been trying to dine-in, go to movie theaters, and be out and about.

 

[rofif]

Fuck movie theaters. Not because they suck but because they only show trash movies and prices are crazy

 

[haxan7]

I don’t think people will let it die. They like it too much.

Imagine if you never saw a movie in a theatre.

 

[Ragnarok]

Movie theaters are a mafia racket that have held audiences and movie studios hostage for too long. Movie studios won't publicly ever admit it because the National Organization of Theater Owners will make a huge public stink and threaten to not run their movies, but I know people who work for studios and they ALL say that it'd be better if theaters went away and they just went direct to consumer. Hell, they'd make more money because of the 50% take the theater mafias take off the top.

Wouldn't be better for the consumer though. Nothing beats seeing a movie in theaters.

 

[Ragnarok]

It's sad to see it go. Most people who say so are priviledged kids who feel entitled to downloading it illegally. Believe me, I have no love loss for Hollywood, but wouldn't want to see theaters go.

I'm really surprised we haven't seen the experience evolve more. AMC has been great for comfy chairs, and assigned seating. Things I really like. I've always wondered why they don't let you order food to be delivered to you.

You want people coming in and distracting everyone so your lazy ass doesn't have to wait in line for 5 minutes? I guess as long as it's during the previews only it would be ok though.

 

[teezzy]

I always get blasted in threads like these but I prefer watching shit at home

Ultimately the problem is cost and distribution. Joe Single alone with his cat in his apartment shouldn't be paying the same amount to stream Fast & Furious: Avengers Skywalker as John Familyman and his seven kids do. How do they allocate cost per eyes on the screen?

Film budgets go down: less studio monetary influence and forced focus testing = more creative risks taken. Wider distribution and increased piracy flourish.

Its interesting

 

[BlackOlivesMatter]

Fuck em

 

[JareBear: Remastered]

Fuck em

 

[highrider]

If you’re business model requires me to spend 100+ dollars for a family to see a movie, you need to rethink your business model. People can mostly afford good set ups in their homes now for visual mediums, so you need to provide a more compelling experience and value. Community theaters have much more of a future imo. Better food, more relaxed experience, or the very high end theaters with drinks and food, luxury seating. That’s expensive but at least you get a good meal and a nice experience .

 

[megamerican]

As a person who went to the theater probably more than most, let them die. The changes they've made have been mostly negative in my book. Raising prices and needing to reserve seats is not worth to it just to have those new recliners that aren't actually that comfortable.

Everyone seems to be banking on Tenet riding in to save theaters. I just don't see it. It looks like Inception with a worse cast and less interesting premise.

 

[ManaByte]

Wouldn't be better for the consumer though. Nothing beats seeing a movie in theaters.

See:

If you’re business model requires me to spend 100+ dollars for a family to see a movie, you need to rethink your business model. People can mostly afford good set ups in their homes now for visual mediums, so you need to provide a more compelling experience and value. Community theaters have much more of a future imo. Better food, more relaxed experience, or the very high end theaters with drinks and food, luxury seating. That’s expensive but at least you get a good meal and a nice experience .

 

[MaestroMike]

I know amc started like a subscription based service where you pay $20 a month and you can see up to three movies a week. Seems like a good deal if you watch movies frequently.

 

[Slings and Arrows]

IMO

The cinemas sat on prime real-estate will be sold. The ones 'out of town' will be refit to mean less people per screen or have sectioned off areas with Perspex between seats. Both of those will attract more people to the cinema than before.

Just like the instant-development film business suffered because of mobile cameras and Live TV suffered because of streaming, Movie going will have to downsize in order to survive. If I were them I would refocus to be aimed 100% at movie enthusiasts and only have 'normie' films/showings from Friday to Sunday

 

[ManaByte]

I know amc started like a subscription based service where you pay $20 a month and you can see up to three movies a week. Seems like a good deal if you watch movies frequently.

AMC's is good because it works for every format.

Regal's is a rip off since they still upcharge for anything except the standard screen.

 

[nyr88nyg]

I hope so. A lot of the movies in theaters don’t need the theater experience, but big budget movies definitely need the big screen. Can’t beat the experience of watching Endgame in IMAX on opening night.