- With movie theaters shut down, Cinemark's CEO has suggested that movie theaters won't function as usual until 2022.
Movie theaters were one of the hardest-hit industries when the COVID-19 pandemic forced businesses to shut down. Cinemark CEO Mark Zoradi says that movie theaters won’t operate as they usually do until at least 2022.
“The reality is I don’t think we’re going to be able to get into a full-on rhythm again of product cycles and all that we had prior to COVID-19 until 2022,” Zoradi said during a conference call with Wall Street analysts to discuss first-quarter results. “That’s more production-related than our operation-related because as studios have had to adapt to not being able to do filming and do post-production, they’ve had to move their schedules. Therefore, we’re going to adapt as well.”
Although Zoradi is hopeful that 2021 will be a “nice recovery year” yet has a long way to go. Warner Bros. Tenet is the first release slated in July being the first major film to be released as theaters begin to open. With Disney’s Mulan releasing a week after. The release of the movies will help gauge how movie theaters will perform in the following months.
Cinemark is officially reopening on June 19 with a phased reopening in the Dallas Area. Tickets costing $5 for adults and $3 for children and will operate at a 25% capacity and will increase as they see fit. Social distancing and increased sanitation measures will be in place.
The pandemic has also brought up the long time coming issue of studios turning to PVOD to release movies. Trolls World Tour caused a strain between AMC and Universal Pictures due to Universal suggesting it would consider on-demand releases in the future after seeing the success of the movie.