‘Antebellum’ Follows ‘Mulan’ to Video in Latest Blow to Theaters
Cinema chains are losing more would-be theatrical releases to home video.
(Bloomberg) -- Cinema chains are losing more would-be theatrical releases to home video.
“Antebellum,” a horror movie starring Janelle Monáe, will be offered as a premium on-demand film, the independent studio Lions Gate Entertainment Corp. said Thursday. The picture, which had previously been set for release in theaters this month, will be now available on Sept. 18.
The move follows Walt Disney Co.’s decision to put out “Mulan,” one of its highest-profile films of the year, to home video on Sept. 4. With theaters in the U.S. mostly shuttered for months, studios are testing out different approaches for getting their movies in front of audiences. In Disney’s case, “Mulan” will be available to subscribers of Disney+ for $30, as well as appearing in any theaters that are open.
Lions Gate is an entertainment company that has both benefited from and been hurt by pandemic lockdowns. The company, which reported quarterly earnings on Thursday, saw revenue from movies and television production fall in the period. But streaming demand for its library of shows and movies, such as “Mad Men,” helped results top estimates. Its shares jumped as much as 7.8% in late trading.
Theater chains, meanwhile, are being forced to adapt. The so-called theatrical window -- the period when new movies can only been seen on the big screen -- has been shattered in recent weeks. AMC Entertainment Holdings Inc., the largest chain, agreed last month to let Universal Pictures offer its films to premium on-demand services just 17 days after they debut in theaters -- a historic concession. In return, AMC will get a cut of the online revenue.
On Thursday, AMC said it was discussing a similar arrangement with other studios, after reporting a large quarterly loss and 99% drop in sales. It has begun reopening theaters overseas and plans to be operating two-thirds or more of its U.S. locations by later this month.
“A once in a century event has transformed 2020 into a brutal year, and movie theater businesses have been hit particularly hard,” Chief Executive Officer Adam Aron said in a statement. “AMC is an innovator and we are embracing change that we are confident will be financially beneficial for AMC shareholders.”
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