Recently, Cineworld, which is the parent company of Regal Cinemas confirmed it is temporarily closing all 536 Regal Theatres in the United States as well as it’s 127 Cineworld and Picturehouse theatre's in the UK. The reason? Because of the challenging theatrical landscape as well as key market closures in many states and countries due to the current global pandemic.
AMC, the largest theatre chain in the United States, is in serious trouble too. According to S&P Global, AMC Entertainment’s credit rating has been downgraded from a ‘B’ to a catastrophic ‘CCC-’, which means, “Default imminent, with little prospect of recovery." And even before the pandemic this chain was already on the brink of bankruptcy and so now it’s possible that all 600 theatre's around the country may end up closing.
Theatre's are in real trouble and there’s a long list of films that were slated for theatrical releases this year that have now been pushed back. To when exactly is still a question mark. There are speculations but all of those could change as we all have seen that a two week quarantine can easily turn into many months with no end in sight. Thus, running a theatre has become nearly impossible which forces consumers to head to their living rooms to stream the entertainment they want.
James Bond No Time To Die
Original Release Date: April 2020
New Release Date: April 2, 2021
Ghostbusters: After Life
Original Release Date: July 10, 2020
New Release Date: March 5, 2021
Original Release Date: June 12, 2020
New Release Date: Unspecified Date, 2021
Original Release Date: December 18, 2020
New Release Date: Late 2021
On and on the list goes and while we love going to the theatre's as much as the next person, the reality is setting in that going to them and eating some popcorn may not be an option for a long time to come.
With more and more people having adjusted to working from home in recent months, people will also adapt to consuming their entertainment in the same way. It’s a shift that was happening anyway, and the current pandemic has just accelerated it. Luckily for us, technology has allowed us to transition (fairly smoothly), as compared to what we would have faced just a decade or more ago.
We can only speculate, but large Hollywood Studios will need to adapt to these changing times like everything else in order to survive. They’ll need to execute large scale VOD premieres much like a PPV event for Boxing or MMA. At it’s core, this is the exact concept that An Angry Boy has created and outlined in our marketing plan and we did it before the pandemic ever even set in. We will advertise to our Youtube fans, podcast fans and beyond and get our film purchased and downloaded so that people can be entertained in a home setting.
Do you find yourself looking around for good movies these days only to come up short? Us too. But that means there’s an opportunity to fill that gap, and An Angry Boy is primed to do just that.