“Tenet” — the Hollywood film expected to bring people back to the movie theaters and represent a sign of a world returning to normal — will likely miss its August release date and be delayed again, a box office expert said, according to deadline.
A veteran analyst of movie theaters said in a new note about investing in movie theater stock that there’s a “low likelihood” that “Tenet” will be released in August, according to Deadline.
Eric Handler of MKM Partners said any additional delays could damage the box office, sending it into a 70% plunge compared to 2019.
Handler said it’s likely there will be a gradual increase in people returning to theaters despite the high desire to do so, according to Deadline. He expects revenue to hit “a near-zero level well into the third quarter” of 2020 but climb next year.
Here’s how Deadlinesummed it up:
In the case of ‘Tenet,’ pricey TV ads have been touting the August 12 release as the studio tries to keep it top of mind for would-be ticket buyers. Studios and theaters are caught in a paradox, with no theaters able to fully operate without new product, but no studios willing to be guinea pigs as conditions deteriorate. It is also increasingly clear that indoor spaces are among the most likely places for disease to spread, though theater chains say mask policies, intense cleaning procedures and limited density counters the risk.
Several major movie theater chains removed closed during the coronavirus pandemic. AMC and Cinemark — two of the country’s biggest chains — delayed their reopenings until August, as they had done before by delaying reopening in June.
“Tenet”has already been moved twice — once to late July and again to mid-August. It’s unclear if it will be moved again.