Movie Theatres Are Over & Will Never Come Back Claims Top Hollywood Exec
As streaming in Australia takes off it’s not just free to air TV that’s under pressure, with one leading Hollywood executive claiming, “The movie industry is over”.
Indicating that the cinema era is over IAC Chairman Barry Diller who headed Paramount Pictures and 20th Century Fox for two decades told the Allen & Company Sun Valley Conference in the USA at the weekend that “The movie business as before is finished and will never come back.”
The comments came after the coronavirus pandemic shut down movie theatres worldwide and there has been much debate about whether the industry will come back from its 15-month hibernation.
Currently all cinemas in Sydney are closed after another surge in COVID-19 cases.
The box office market in the United States and Canada alone collapsed by over 80% last year to just $2.2 billion as the pandemic closed down theatres according to the Motion Picture Association.
Diller claimed that the pandemic seemed to just accelerate a trend that was already happening as digital streaming services eat up a larger share of the industry.
“I used to be in the movie business where you made something really because you cared about it,” Diller told the Fox News. “These streaming services have been making something that they call ‘movies’ … They ain’t movies. They are some weird algorithmic processes that has created things that last 100 minutes or so.”
Streaming services like Netflix and Amazon Prime have poured billions into developing their own original content that never sees the inside of a movie theatre.
Other industry heavyweights have started debuting films in theatres and on streaming services simultaneously. For instance, WarnerMedia placed “Wonder Woman 1984” on HBO Max and in theatres on the same day last December.
Not everyone has given up on the classic theatre experience though. John Krasinski’s “A Quiet Place Part II,” which opened exclusively in theatres on Memorial Day weekend, was the first movie to gross more than $100 million at the box office amid the pandemic, Variety reported.
Krasinski praised the moviegoing experienced ahead of the film’s release, telling the Associated Press that theatres are a “sanctuary” to him.
“For me, it was non-negotiable. We designed this movie to be for theatre’s, specifically,” Krasinski told AP. “I said I really wanted to wait for theatres, and they supported it from the very beginning. Even more so, I give them so much credit for going with me on being this early.”