AMC Theatres, the largest theater chain in the U.S., is set to run out of money within six months. The chain has reopened in numerous markets around the country, safe for New York and Los Angeles, and has screened “new” titles such as “The New Mutants” and “Tenet”, but, financially speaking, they are close to calling default.
AMC is said to be saddled with debt nearing the $5 billion range. “Tenet” was supposed to be the savior of cinema but failed to deliver at the box office, which then had fall blockbusters like “Black Widow,” “Wonder Woman 1984,” “No Time to Die” and “Dune” pushed to 2021 release dates. Theaters rely on these big movies to bring in the money, but any signs of life for a revival of the theatrical experience before the year is done has been squashed by the delays and pushbacks.
It’s not just AMC. Many movie theaters are set to close shop for good in the coming months, with chains such as Cinemark and Regal having announced this week that they are closing down their doors for good. The fact that just a handful of blockbuster movies have postponed their releases into next spring or summer when, studios hope, a vaccine will be widely available, is not enough to keep the majority of theaters in business. The lack of major releases available to screen has become a dour domino effect.
John Fithian, head of the National Association of Theatre Owners, believes that the main culprit to blame for the demise of theaters is New York Governor Andrew Cuomo. New York is the largest movie market, not just in the U.S, but in the world. Due to stringent COVID-19 laws, all cinemas in New York City remain closed indefinitely, which is robbing studios of a major market to show their films.
The failure of Gov. Cuomo to allow movie theaters to reopen anywhere in his state was a principal, if not exclusive, cause of the Bond move. If New York remains closed to theater operations, other movies scheduled for 2020 will move as well. And I just don’t understand it. I know the governor has done a fantastic job of combatting the virus. I know he’s got some increases of infections in some limited areas in the state. But restaurants in New York are open, gyms are open, churches are open, indoor dining is being offered. Our recommendation, our urgent plea, is for Gov. Cuomo to allow movie theaters to reopen in the portions of the state that aren’t having spikes in the virus. There are now only two states that are entirely closed to moviegoing — New York and New Mexico.
Not one case of COVID-19 has been found in any U.S. movie theater since they reopened this summer. Movie theaters aren’t just open in the U.S. They have been open around the world and doing a lot of business for several months. Fithian says he even asked epidemiologists to go review all of the global medical literature on where coronavirus outbreaks have occurred. It turns out that not a single reported outbreak of the virus was linked to movie theaters. There are reported cases that are linked to churches, restaurants, and other places where people gather, which are open, but not movie theaters.
And those theater closures? Here are survival rates from COVID-19 according to the CDC:
0-19: 99.997%
20-49: 99.98%
50-69: 99.5%
70 & over: 94.6%
Most moviegoers are under 49, so there is essentially zero risk.
Is the entertainment industry destroying itself with all the political posturing they do to please their social media overlords? Cuomo is responsible for more personal and business devastation than any single person in the U.S. You may speculate, much like many on the right and center of the political spectrum, that in order for Biden to win this November’s election, Cuomo, and even California’s Gavin Newsom, are inflicting maximum pain to hurt the economy and unemployment numbers in the two most important and populous states in the country. They aren’t doing it for health (just look at their homeless problems), but for political gain. Has this really been their plan since April? I am not one to answer such a conspiratorial question, but the shutdowns in those states have been so severe and unwarranted that many are starting to wonder exactly that.
Boyle's answer was met with a shout of "Never do that shit again" from the crowd, and the TIFF moderator swiftly brought the Q&A to a close, thanking everyone for coming.