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With movie theaters around the country closed because of COVID-19, streaming platforms may overtake the classical nostalgia of the cinema.
Since COVID-19 took over the United States back in February, cinemas around the country were forced to close — without the classical avenue of theater watching, there has had to be a new way to release the highly anticipated films outside of the formal cinema locations. This comes by way of popular streaming websites.
Movie theater lovers fear that with the repeated delay for hopeful blockbuster films, cinemas will not have the resources to remain open once it’s safe to go back into public spaces with more than six people and masks. It’s highly likely that Cineworld, the parent company of Regal Cinemas will be unable to reopen after 2020, since their announcement Monday their stock has already dropped 10% in the United States, and 60% in the London Market.
Production companies like Warner Brothers have decided to delay the release of films such as “The Batman” starring Robert Pattinson, and Disney has said they are pushing back the release date for the female-centered Marvel movie, “Black Widow”— and consumers are getting antsy with the continuous pushback on release dates.
Understandably, the film industry has had to adapt to the current pandemic in order to keep themselves and their consumers safe, but how long will consumers be willing to wait before they lose interest in the films they expected to see sometime this year. Will the American people begin to think of the theater as a fun pastime that eventually faded, and rely solely on the alternative of a one-for-all ticket to the newest movies from your living room?
Streaming platforms provide a safe and more convenient way to consume newly released films in our new world, and they’re doing it in a way that doesn’t require as much financial liability for families— and the best part is, their streaming release dates are unchanging.
Films such as “Trolls: World Tour” broke records for streaming views as it was released, clearing the way for other early releases like “Mulan,”“ The Invisible Man,” and “Just Mercy.” With success across the board for the releases of these films, it questions the fate of Regal Cinemas nationwide.
No longer are families required to buy multiple tickets to watch new films, and the need for babysitters to watch kids in order to watch these films is non-existent. It may be that streaming platforms outlive the previous renown of American cinemas.
By August, 70% of Cineworld theaters had opened, but since production companies weren’t releasing the anticipated blockbuster films, consumers didn’t want to go to the theaters. The desire to spend anywhere from $50-$100 a night for entertainment wouldn’t win over the lack of films in theaters. Without the usual income from films during this time, Cineworld has had to reach out to lenders in order to extend credit and deadlines by over $140 million. Between rent costs, film rights and public interest — if the company is unable to make revenue by November and December — the future of Cineworld looks grim.
The culture and history revolving around movie theaters stems back into the early days of The Great Depression when Americans would go to watch films in order to escape their reality. Then, it cost 25 cents to watch the newly released films. We’ve seen that price rise astronomically with the integration of snacks, drinks and even interactive IMAX cinemas. The averaged 2 hour escape into fictional universes costs a much heftier price than it once did.
Once COVID-19 no longer has a grasp on American culture, classic cinema consumption will be put to the test against streaming platforms. We may witness the death of the classic nostalgia associated with a night in the theaters as the rise of convenience and opportunistic preference win out.