Tenet painfully clawed itself to maybe $80M in ticket sales in the US and perhaps $400M globally while most major projects were slid into next year or worse, slipped into various D2C options.
Studios and all but the most ardent theater goers said, “You know that I love you … I just don’t like you very much right now.”
And getting liked is getting even more difficult for cinemas.
Five years ago, box office revenue was three times SVOD revenue.
VOD surpassed ticket sales last year and cinema revenues are projected to plunge 66 percent this year. Ampere forecasts VOD will be more than twice the size by 2024.
OTT has surged an estimated 26 percent this year and is projected to double by 2024 ($46.6Bin 2019 to $86.8B in 2024).
Even by 2024, Strategy Analytics projects that cinema revenues will be below the 2019 level but we’re not real sure about that if China’s return to seats in seats is any indication.