Originally posted by William Kucharski
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Disney+ streaming grosses about $9.6 billion annually that doesn't have to be shared with theaters or foreign distributors. With numbers like that, they just might not care about theaters anymore. The other studios don't do quite as well, but I bet they look at Disney and salivate at those numbers. In spite of some surprising new builds, I think we're going to lose a LOT of theaters over the next 5-10 years which will just reinforce the studios' notion that streaming, and not theaters, is the future. (AMC lost $2.4 billion in 2020 and another $295 million in the first quarter. The last time they were profitable was in Q2 of 2019, but they lost money in every other quarter that year. They were however profitable in 2018.)
Last week, I attended my first two movies since the pandemic started. It was during the day on a weekday, but there were fewer than five people in each showing in NYC. That's certainly not sustainable.
As far as the Dome is concerned, I saw a revival of Lawrence of Arabia there many years ago when I was in Los Angeles on business. While it was fun being in a large and historically significant theater, I was actually a little disappointed in the presentation. There was distortion on the curved screen and there was slap-back echo on the audio. I thought it looked and sounded better at the Ziegfeld in NYC, even though the Ziegfeld's screen was just 52'.
Having said that and in spite of a LOT of Los Angeles theaters closing over the last 30 years, L.A. still has a fair number of pretty decent theaters. Probably more per capita than anywhere else. I will say that I was pleasantly surprised that almost every NYC (all five boroughs) theater has reopened. I really thought more would not survive the pandemic. But we have lost 36% of the theaters and 16% of the screen count in the last 20 years and due to both closings and lounge seating, we've lost 68% of the seats since 1987. We're down to about 56,000 seats and 50 theaters (22 in Manhattan). I think a lot of smaller cities will wind up with just one or two multiplexes just as they have just one or two legitimate theaters.
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