|
 Studio executives and movie
theater operators, meeting this week in Las
Vegas for the annual CinemaCon convention, hoped
to reignite moviegoing this summer. After
encouraging turnouts for action flicks such as
Marvel's "Black Widow" and "Fast & Furious"
franchise movie "F9," recent U.S. and Canadian
ticket sales have underwhelmed.
"The only audience that seems to be going on a
consistent basis is 18- to 35-(year olds)," said
Jeff Bock, senior media analyst at Exhibitor
Relations Co.
With four new wide releases, domestic box office
totals this past weekend slumped to $63 million,
their smallest since June. No weekend in the
pre-pandemic times of 2019 came in that low.
The Delta variant is hurting ticket sales,
executives and analysts said, especially when
studios have opted to offer some films
simultaneously on streaming.
"Avid moviegoers are going," said one
distribution executive who asked to remain
anonymous. "More casual moviegoers aren't. They
are slow to return."
Studios have shuffled release calendars and
postponed some movies multiple times during the
pandemic. Industry executives said they expect
ups and downs before the market returns to
normal.
"I think it's going to have its challenges for
the next one to two months," said Chris Aronson,
president of domestic distribution at ViacomCBS
Inc's Paramount Pictures.
On the bright side, Ryan Reynolds comedy "Free
Guy" surprised with solid second-weekend grosses
over the weekend, and animated family film "Paw
Patrol" generated more box-office business than
expected even though it also streamed on
Paramount+. Vaccines have not been approved for
kids under 12. Private rentals, where families
booked an entire theater, boosted "Paw Patrol,"
Aronson said.
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 Theater operators, including
AMC Entertainment, Cineworld Plc and Cinemark
Holdings, are projecting optimism. Executives
point to James Bond movie "No Time to Die,"
Marvel film "Venom: Let There Be Carnage,"
horror flick "Halloween Kills," and sci-fi epic
"Dune," all currently slated to light up screens
in October. They also predict a strong 2022.
"It's not been easy, but it is not doom and
gloom," said Rich Daughtridge, who runs
Warehouse Cinemas in Maryland and serves as
president of the Independent Cinema Alliance.
"There is this light at the end of the tunnel."
Daughtridge said he plans to open two new
locations in the next six months, a sign of his
confidence in the market.
The next big test is the Sept. 3 release "Shang-Chi
and the Legend of the Ten Rings," which Walt
Disney Co is sending exclusively to theaters.
The film is Marvel's first superhero film with a
predominantly Asian cast.
Studios will carefully watch "Shang-Chi" to
gauge whether to postpone other films or add
streaming options alongside theatrical runs,
Bock said.
If receipts for "Shang-Chi" crater in the second
and third weeks, as other films have this
summer, Bock said, "then boom, release dates
will change and the carousel happens again."
(Reporting by Lisa Richwine in Los Angeles;
editing by Jonathan Oatis)
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