This is what I found on NBCNews.com:
Theaters have been shuttered since mid-March, and in the months since the curtain came down, thousands of theater staffers have been furloughed or laid off, rent on cineplexes has gone unpaid, and movie studios have canned premieres for their multimillion-dollar productions.
While box office receipts have hovered at a healthy $11 billion for North America for the past five years, analysts predict that ticket sales will plunge to $5.5 billion in 2020 — a 52 percent decline — according to MoffettNathanson, a media research company. AMC Theatres, the world’s largest cinema chain, said last week that it had “substantial doubt” that it could continue its operations for an extended period.
“In life, change is inevitable, of course. But in recent months, indeed, in recent weeks — whoa, Nelly, has there been a lot of change,” said Adam Aron, chief executive of AMC Entertainment, the parent company of AMC Theatres. His comments came during an investor call Tuesday afternoon after the company reported its earnings, which included a steep first-quarter loss of $2.2 billion.
Cinema executives have faith that there will still be demand for movies, even with concerns about COVID-19.
Hamid Hashemi, former chief executive of iPic, predicted, “From a long-term perspective, things will get back to normal. This is a short-term challenge.”
On Tuesday, ABC News notes, AMC told Wall Street that “its busy theaters in Norway are a strong indication that its U.S. customers will return — it expects to be almost completely reopen by July — and that it can still make money even with lower capacity” as long as Hollywood to sticks to release dates.
Information provided by NBCNews.com.
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