This 7-film announcement virtually sounds a death knell for film exhibitors for next 6 months. Netflix, Amazon and other OTT platforms are likely to follow with similar announcements.
The content supply is a major issue now. With new movies going directly to OTT and actual shootings happening in a calibrated (and slower than usual) manner, means there will be dearth of content in next few months.
Q1 is a no-revenue quarter for over 95% of world cinemas. Even in countries like Sweden, NZ, China and South Korea where cinema halls have been opened, the footfalls are no where close to the pre C-19 levels.
The unavailability of "popular" content will be a pain. On top of it, reluctance to venture out will be a bummer.
You can't blame the producers. They need to make money otherwise interest cost and other liabilities will pile on very quickly.
One neglected aspect of this will be low marketing budgets. On one side, producers will be happy not to conduct PCs, audience engagement activities, music launch and preview shows thereby saving 20-25% of the budgeted movie cost.
On the other hand, this will lead to job losses.
Exhibitors will come back, no doubt. Humans are social animals and we love the collective viewing experience.
But the path will be painful one. And it will be long one!
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