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Are Major Studios Still Committed To The Traditional Theater Model?
Anya Taylor-Joy attends the U.K. premiere of "Furiosa: A Mad Max Saga" at the BFI IMAX Waterloo on May 17, 2024 in London.
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Jeff Spicer
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Getty Images
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Topline:
This past weekend, no major new releases premiered in theaters, heightening concern about the commitment that major studios have to supporting moviegoing as a meaningful part of their businesses moving forward.
Why it matters: Hollywood is a business of hits. A successful film remains the surest way to create a cultural phenomenon that can then generate additional revenue in licensing, merchandise, games, theme parks and more.
No May flowers: Traditionally, May is the kickoff of summer movie season and whets consumers’ appetite. This year, the lack of the kind of movies that fulfill that role (Deadpool & Wolverine moved to July) has so far led to a dismally poor summer box office. This past weekend was on par with the same one in 2021, during COVID. A look ahead to May 2025 and its thin slate does not augur for brighter days for next summer.
Are studios committed to theaters? All of this evidence heightens a sense that the studios are not resolved for the long-term to revive and reinforce the habit of moviegoing that has sustained the entertainment business for more than 100 years.
If not them, who? The history of Hollywood is such that the major companies that dominate the industry are typically not the ones to innovate on the business. They are more likely to be fast followers. To that end, the future lies with the likes of Blumhouse, Lionsgate and A24 — and any company which follows in its path — that are invested in experimenting and being creative in making money from movies. Experiments are afoot to reinvent distribution and marketing, and more will likely follow if they can find the money to support their efforts.
For more . . . read the full story on The Ankler.
This story is published in partnership with The Ankler, a paid subscription publication about the entertainment industry.
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