Connect with us
...

Business

There are only 4 left movie release this year

Published

on

The 2022 box office is a Hollywood underdog story come to life.

Despite nearly 40% less film content available in theaters compared to 2019, year-to-date ticket sales are down around 30%, according to data from Comscore.

Audiences have returned to cinemas in the wake of the coronavirus pandemic and are spending more than ever on tickets and popcorn. However, the lack of steady theatrical releases will weigh heavily on the industry during the final, crucial months of the year.

As it stands, there are currently only four would-be blockbuster releases coming to theaters before the end of December:

  • Warner Bros.′ “Black Adam” – Oct. 21
  • Disney and Marvel Studios’ “Black Panther: Wakanda Forever” – Nov. 11
  • Disney Animation’s “Strange World” – Nov. 23
  • Disney’s “Avatar: The Way of Water” – Dec. 16

In 2019, there were nearly two dozen blockbuster-style films slated on the calendar for the last four months of the year, including “Star Wars: The Rise of Skywalker.”

“We’re seeing right now that as we get into the fall that we kind of hit another pause,” said Shawn Robbins, chief media analyst at BoxOffice.com, “And a lot of that is really falling on the lingering pandemic issues.”

Those issues include production shutdowns that delayed film shoots and pressure on visual effects houses to complete projects on shortened deadlines.

There’s no doubt that moviegoers are interested in returning to cinemas. Movies like “Top Gun: Maverick,” “Doctor Strange in the Multiverse of Madness,” “Jurassic World: Dominion” and “Thor: Love and Thunder” have brought audiences back. However, with fewer films of all budgets on the slate, there are fewer opportunities for studios and movie theater operators to entice patrons to the big screen.

“To me, the question is now, how soon can we get back to having more of those movies like ‘Everything Everywhere All At Once,’ and ‘Elvis’ and ‘The Black Phone?’” Robbins said, noting that there is potential for some smaller film releases like “Lyle, Lyle Crocodile,” “Amsterdam” and “Don’t Worry Darling” to break out and generate stronger-than-expected ticket sales. Universal’s “Halloween Kills” will be released in theaters and on Peacock on Oct. 14.

Dwayne Johnson dressed as Black Adam speaks onstage at the Warner Bros. theatrical session with "Black Adam" and "Shazam: Fury of the Gods" panel during 2022 Comic Con International: San Diego at San Diego Convention Center on July 23, 2022 in San Diego, California.
Dwayne Johnson dressed as Black Adam speaks onstage at the Warner Bros. theatrical session with “Black Adam” and “Shazam: Fury of the Gods” panel during 2022 Comic Con International: San Diego at San Diego Convention Center on July 23, 2022 in San Diego, California.
Kevin Winter | Getty Images Entertainment | Getty Images

“The hope is that will happen later in the fall and over the holidays,” he said. “But it’s really going to be 2023 at this point before there’s maybe some consistency on a month to month basis again.”

This is why many studios have turned to library content, films that were previously released in theaters, to lure folks back to cinemas.

Already Disney has rereleased the Star Wars prequel “Rogue One” in theaters and has plans to relaunch the original “Avatar” at the end of September. Sony, too, is in the midst of releasing a souped-up version of “Spider-Man: No Way Home.”

Rereleases are nothing new in the industry, especially when it comes to major anniversary milestones for popular and iconic features, but 90% of those showings are scheduled through Fathom Events, not by the studios themselves, according to data from Comscore.

Fathom is a joint venture between AMC, Regal and Cinemark that brings legacy titles back to cinemas for limited engagements.

Upcoming anniversary showings from Fathom include the 40th anniversary of “Star Trek: Wrath of Khan,” the 10th anniversary of “Pitch Perfect,” the 40th anniversary of “Poltergeist” and the 60th anniversary of “To Kill a Mockingbird.”

The company is also releasing a slate of Halloween titles in October including 1932′s “The Mummy,” 1935′s “The Bride of Frankenstein,” 1954′s “The Creature from the Black Lagoon” and 1943′s “Phantom of the Opera.” Additionally, it will celebrate the 25th anniversary of “Scream 2” and 30th anniversary of “Bram Stoker’s Dracula.”

Fathom is also working with Universal to release three Judd Apatow-produced films ahead of “Bros,” a romantic comedy hitting theaters Sept. 30.

“Forgetting Sarah Marshall,” “Trainwreck” and “Knocked Up” are set for rerelease starting Sept. 19, with pre-recorded intros from director Nicholas Stoller and co-stars Billy Eichner and Luke Macfarlane.

Action flicks have dominated the box office in 2022, so counterprogramming like these romantic comedies could entice demographics that have not been eager to return to cinemas or bring back customers looking to enjoy a different genre on the big screen.

These rereleases allow movie theaters to have supplementary content and markets “Bros” to the public, said Ray Nutt, CEO of Fathom.

Letitia Wright stars as Shuri in Marvel Studio's "Black Panther: Wakanda Forever."
Letitia Wright stars as Shuri in Marvel Studio’s “Black Panther: Wakanda Forever.”
Letitia Wright stars as Shuri in Marvel Studio’s “Black Panther: Wakanda Forever.”
Disney

Similarly, Disney hopes the rerelease of “Avatar” at the end of September will lure in fans and boost interest in the upcoming sequel “The Way of Water.”

“The box office is currently at over $5.3 billion year to date, much higher than the last two years at this point but down naturally from 2019 and 2018,” said Paul Dergarabedian, senior media analyst at Comscore.”

“With big movies like ‘Black Panther: Wakanda Forever’ in November and, obviously, ‘Avatar: The Way of Water’ in December, among others, the industry will likely wind up with a projected 2022 domestic box office of around $7.5 billion,” he said.

“That’s frankly a great outcome for an industry that saw 2020 levels at a mere $2.3 billion and a 2021 that wound up at $4.6 billion.”

Dergarabedian and Robbins noted that 2023 has a much stronger slate of films, both in terms of number of films and diversity of content.

As more film come out and more frequently, the expectation is that overall domestic box office will make a stronger recovery.

The 2022 box office lost “Shazam! Fury of the Gods,” which was slated for Dec. 21, last month when Warner Bros. Discovery pushed the film to March 17, 2023. It replaced “Aquaman and the Lost Kingdom,” which will now arriving on Christmas Day in 2023.

“The first quarter is loaded with big films that should create momentum leading into a strong summer next year,” Dergarabedian said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Six tonnes of cocaine found in banana shipment

Published

on

By

Sniffer dogs in Ecuador have found 6.23 tonnes of cocaine hidden in a banana shipment, police say.

The dogs alerted their handlers, who seized 5,630 parcels filled with a white substance that later tested positive for cocaine.

The shipment was destined for Germany, officials said, and would have been worth $224m (£173m) had it reached its destination.

Five people had been arrested following the discovery, according to the prosecutor-general’s office.

Police said they had found the massive cocaine haul during a routine inspection of container stored at Posorja deepwater port south-west of Ecuador’s largest city, Guayaquil.

The cocaine parcels had been hidden beneath crates of bananas destined for export.

One of those arrested in connection to the drug discovery was a representative of the export company responsible for the shipment, whom prosecutors said had been present at the inspection and gave officials the names of the four other suspects.

They include the managers of the banana plantation where the cocaine is suspected to have been added to the fruit shipment, as well as the driver who took the container to the port.

Ecuador has become a major transit country for cocaine produced in neighbouring Peru and Colombia, with transnational criminal gangs using Ecuador’s ports to ship the drug to Europe and the US.

Last year, Ecuadorean security forces seized more than 200 tonnes of drugs, most of it cocaine. Only the US and Colombia seized more drugs in 2023.

Gangs have caused a wave of violent crime in Ecuador, leading President Daniel Noboa to declare a state of emergency and deploy tens of thousands of police officers and soldiers in an effort to combat them.

These security forces have stopped large amounts of cocaine from being shipped to Europe.

In January, officers found the largest stash ever to be seized in Ecuador – 22 tonnes of cocaine – buried in a pig farm.

However, extortion, kidnappings and murders remain high in the Andean country.

Reports /Trainviral/

Continue Reading

Business

Thailand expands v-free entry to 93 countries

Published

on

By

Thailand has expanded its visa-free entry scheme to 93 countries and territories as it seeks to revitalize its tourism industry.

Visitors can stay in the South-East Asian nation for up to 60 days under the new scheme that took effect on Monday,

Previously, passport holders from 57 countries were allowed to enter without a visa.

Tourism is a key pillar of the Thai economy, but it has not fully recovered from the pandemic.

Thailand recorded 17.5 million foreign tourists arrivals in the first six months of 2024, up 35% from the same period last year, according to official data. However, the numbers pale in comparison to pre-pandemic levels.

Most of the visitors were from China, Malaysia and India.

Tourism revenue during the same period came in at 858 billion baht ($23.6bn; £18.3bn), less than a quarter of the government’s target.

Millions of tourists flock to Thailand every year for its golden temples, white sand beaches, picturesque mountains and vibrant night life.

The revised visa-free rules are part of a broader plan to boost tourism.

Also on Monday, Thailand introduced a new five-year visa for remote workers, that allows holders to stay for up to 180 days each year.

The country will also allow visiting students, who earn a bachelor’s degree or higher in Thailand, to stay for one year after graduation to find a job or travel.

In June, authorities announced an extension of a waiver on hoteliers’ operating fees for two more years. They also scrapped a proposed tourism fee for visitors flying into the country.

However some stakeholders are concerned that the country’s infrastructure may not be able to keep up with travellers’ demands.

“If more people are coming, it means the country as a whole… has to prepare our resources to welcome them,” said Kantapong Thananuangroj, president of the Thai Tourism Promotion Association.

“If not, [the tourists] may not be impressed with the experience they have in Thailand and we may not get a second chance,” he said.

Chamnan Srisawat, president of the Tourism Council of Thailand, said he foresees a “bottleneck in air traffic as the incoming flights may not increase in time to catch up with the demands of the travellers”.

Some people have also raised safety concerns after rumours that tourists have been kidnapped and sent across the border to work in scam centres in Myanmar or Cambodia.

fatal shooting in Bangkok’s most famous shopping mall last year has also caused concern among visitors.

Reports /Trainviral/

Continue Reading

Business

Royal Mail will deliver letters forever

Published

on

By

The prospective new owner of Royal Mail has said he will not walk away from the requirement to deliver letters throughout the UK six days a week, as long as he is running the service.

“As long as I’m alive, I completely exclude this,” Czech billionaire Daniel Kretinsky told the BBC.

Mr Kretinsky has had a £3.6bn offer for Royal Mail accepted by its board.

Shareholders are expected to approve the deal in the coming months, but the government also has a say over whether it goes ahead.

Currently the Universal Service Obligation (USO) requires Royal Mail to deliver letters six days a week throughout the country for the same price. But questions have been raised over whether the service could be reduced in the future.

In an exclusive interview with the BBC, Mr Kretinsky also said he would be willing to share profits with employees, if given the go-ahead to buy the group.

However, he appeared to reject the idea of employees having a stake in Royal Mail, which unions have called for in exchange for their support.

The Royal Mail board agreed a £3.6bn takeover offer from Mr Kretinsky in May for the 500-year-old organisation, which employs more than 150,000 people. Including assumed debts, the offer is worth £5bn.

But because Royal Mail is a nationally important company, the government has the power to scrutinise and potentially block the deal.

As well as keeping the new government on side, Mr Kretinsky also faces the task of convincing postal unions that the proposed deal will benefit employees.

The USO is a potential sticking point for both the government and unions.

Royal Mail is required by law to deliver letters six days a week and parcels five days a week to every address in the UK for a fixed price.

How well this has actually been working in practice is a different matter. Ten years ago, 92% of first class post arrived on time. By the end of last year it was down to 74%, according to the regulator Ofcom.

Last year the regulator fined Royal Mail £5.6m for failing to meet its delivery targets.

Royal Mail has been pushing for this obligation to be watered down. It wants to cut second class letter deliveries to every other weekday, saying this will save £300m, and lead to “fewer than 1,000” voluntary redundancies.

‘Unconditional commitment’

Mr Kretinsky has committed in writing to honouring the USO, but only for five years.

And after that, in theory, the new owners could just walk away from it.

However, Mr Kretinsky told the BBC: “As long as I’m alive, I completely exclude this, and I’m sure that anybody that would be my successor would absolutely understand this.

“I say this as an absolutely clear, unconditional commitment: Royal Mail is going to be the provider of Universal Service Obligation in the UK, I would say forever, as long as the service is going to be needed, and as long as we are going to be around.”

Mr Kretinsky added that the written five-year commitment was “the longest commitment that has ever been offered in a situation like this”.

Woman's hand posting a letter into a red post box

Another potential stumbling block for the deal, however, is how the company will be structured.

Unions would like to see the company renationalised, but Dave Ward, general secretary of the Communication Workers Union (CWU), told the BBC that would be “difficult in the current political and economic environment”.

Instead, what the CWU is pushing for is “a different model of ownership” – that is, where the employees part-own the business.

To get its support for the takeover, the union wants employees to share ownership of the company, along with other concessions including board representation for workers.

It says profit sharing is “not going to be enough to deliver our support and the support of the workforce”.

If the union doesn’t get what it wants, it won’t rule out industrial action, Mr Ward said. Its members went on strike in 2022 and 2023.

Although Mr Kretinsky said he is “very open” to profit sharing, he is not in favour of shared ownership.

“I don’t think the ownership stake is the right model,” he said. “The logic is: share of profit, yes, [but an] ownership structure creates a lot of complexity.

“For instance, what happens if the employee leaves? He has shares, he is leaving, he is not working for the company, he [still] needs remunerating.”

Mr Kretinsky said he didn’t want to create “some anonymous structure” but instead “remunerate the people who are working for the company, and creating value for the company”.

The union is also concerned about job losses and changes to the terms and conditions of postal workers’ contracts.

Mr Kretinsky has guaranteed no compulsory redundancies or changes in terms and conditions but only until 2025.

“If we are more successful, and we have more parcels to be delivered, we need not less people, but we need more people,” he said. “So really, job cuts are not part of our plan at all.”

He said if the management, union and employees work together, “we will be successful”.

Another concern is the potential break-up of the business.

The profit for Royal Mail’s parent company last year was entirely generated by its German and Canadian logistics and parcels business, GLS. Royal Mail itself made a loss.

Mr Kretinsky has promised not to split off GLS or load the parent company with excessive debt, although borrowings will rise if the deal goes through.

But he has a way to go to convince the CWU.

“I can’t think of any other country in the world that would just just hand over its entire postal service to an overseas equity investor,” Mr Ward of the CWU said.

However, Mr Kretinsky said that the postal unions “do understand that we are on the same ship, and that we need this ship to be successful, and that if we are there, we don’t have any real problems to deal with, because the sky is blue, and it’s blue for everybody.”

The union cannot stop this deal but the government can block it under the National Security and Investment Act.

Business Secretary Jonathan Reynolds has said he will scrutinise the assurances and guarantees given and called on Mr Kretinsky to work constructively with the unions.

Mr Kretinsky may say that he and the unions are ultimately on the same ship but, as things stand, they are not on the same page.

Who is Daniel Kretinsky?

Daniel Kretinsky started his career as a lawyer in his hometown of Brno, before moving to Prague.

He then made serious money in Central and Eastern European energy interests.

This includes Eustream, which transports Russian gas via pipelines that run through Ukraine, the Czech Republic and Slovakia.

He then diversified into other investments, including an almost 10% stake in UK supermarket chain Sainsbury’s and a 27% share in Premier League club West Ham United.

The Czech businessman is worth about £6bn, according to reports.

Continue Reading

Trending

Copyright © 2024 TechDaja News.