Right about now we could have reasonably expected to be covered in SPUMC and to be celebrating, or commiserating, over the return of the Ghostbusters. Not anymore. Thanks China!
Sony cleared the decks hard, and did it early. It pushed The Greyhound to Apple TV, it wiped it’s 2020 release schedule and then it sat back, waited, and let Tenet over at WB be the canary in the coal mine. Well, glorious Outposters, it is safe to say that the canary is dead.
First hand reports from many of you, being one of 4 people in a theater to watch Tenet, a minuscule $20 million return from a big holiday weekend. Warner Bros. looking spooked enough to pull Wonder Woman 1984 and Dune. Will No Time To Die over at Universal hold? Who knows. It’s a bloodbath out there.
Sony’s excellently named Chairman, Tony Vinciquerra, feels he has the right strategy and that others have made mistakes. He ain’t releasing sh*t!
Speaking at Bank of America’s 2020 Media, Communications, and Entertainment Conference, he was very clear:
“What we won’t do is make the mistake of putting a very, very expensive $200 million movie out in the market unless we’re sure that theaters are open and operating at significant capacity.”
They are willing to sit it out and wait. Take the hit of no revenue from movie releases right now in the hope of sunlit uplands to follow. It’s a strategy!