Mark Zoradi is a former Disney executive and current CEO of Cinemark and according to Zoradi, businesses are probably not going to “return back to normal” until about 2022.
Check out this quote by Zoradi:
“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. 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.”
While Zoradi believes that next year will be a “recovery year” after the pandemic that has plagued most of 2020, Zoradi believes the recovery has a “long tail”. While he’s mentioned that it may take up to 2022 for movie theaters to go back to the way they were prior to 2020, Zoradi and CFO Sean Gamble are optimistic about Warner Bros.’s upcoming release of Tenet.
Zoradi commented, in regards to being asked whether summer blockbusters will be “significantly curtailed”:
“I don’t think there’s an absolute reason for that to happen. It all comes back to us creating a safe environment and the studios creating a very strong demand campaign.”
Gamble even commented on the trajectory of films being different in the future:
“[There is a] good chance that films could open a little lower but then run much longer.”
Cinemark will officially reopen on June 19th with “library titles” running about $5.00 for adults and $3.00 for children. This is a phased reopening that will begin in five theaters across the Dallas area. Theaters in Texas are currently allowing movie theaters to operate at 25% of normal capacity. Zoradi expects that limit to hiking up to 50% pretty soon. Cinemark’s movie theaters are typically in more rural areas, as opposed to other companies, such as AMC and Regal.
Keep in mind, even as companies are reopening their theaters, Zoradi advises:
“It’s not like we’re going to flip a switch and theaters will be full,” he said. “This has been planned so there’s a rolled ramp-up.”
What do you think about movie theaters phasing reopening?
Source: Deadline
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