Things aren't looking too good for many movie theaters that are currently open, even with the release of Christopher Nolan's $500 million in order to break even - a feat that would no doubt be possible under normal circumstances given the pedigree that comes with Nolan's name. However, considering how many theaters across the world were still shut down in July, Warner Bros. thought it best to delay the film until a time when, hopefully, things had begun to settle down.
The film was delayed several times, but eventually released in seventy countries on August 26, 2020, followed by a release in the United States and China the next week. The film's international release actually went fairly well - grossing over $53 million during its opening week. However, there was still uncertainty about how the film would perform once it came to the U.S. Major markets like New York City and Los Angeles haven't reopened theaters at all, and that states that have resumed operations are only allowing limited capacity. Tenet only managed to bring in $10 million during its opening weekend in North America.
Per reopened specifically to show Tenet, as the film's box office take suggests that many theaters are operating at a loss to showcase the movie. Seeing how there isn't another big release slated for a couple of months - and potentially more if releases get delayed again - many theaters are set to be losing money in the weeks.
However, the news isn't all bad for Warner Bros. and other distributors. In order to compensate for the gradual reopening of markets across the world, Tenet will be in theaters longer than normal. The hope being that as theaters begin to reopen, especially in areas like New York City and Los Angeles, people will return to the theater to see Tenet. This theory seems to hold water - as Tenet made most of its money during its second week from newly reopened markets.
Only time will tell what this all means for the movie theater industry. Sony Pictures has indefinitely delayed the release of any tentpole film until a time when the pandemic is under control. Disney is experimenting with alternative release methods - like putting Mulan for rent on Disney+ on the same day as its theatrical release. Wonder Woman 1984 was pushed from its October release to Christmas Day. Movie theaters don't have an incentive to stay open if they're operating at a loss - a business would have more leeway with their landlord when it comes to rent if they remained closed. On top of that, these businesses are also paying for labor and other operational costs by staying open. Many theaters in the United States bet on Tenet being the film that reignited the movie industry, but as of now it looks like that's not going to happen.
Source: Indiewire
