By Lindsey Bahr, Film Writer
LAS VEGAS (AP) --For the movie theater industry, the math behind recovery is simple: More movies in theaters equals more money for theaters and Hollywood.
John Fithian, the outgoing CEO of the National Association of Theater Owners, assured exhibitors Tuesday at the CinemaCon trade convention that the industry is "off to an incredible start in 2023."
In 2022, the domestic box office rebounded to $7.4 million, aided by the enormous successes of films like "Top: Gun Maverick" and "Avatar: The Way of Water." According to a report from The Cinema Foundation, the biggest difference between the pre-pandemic landscape of 2019 and 2022 was the number of wide releases. In 2019 there were 112 wide releases. In 2022, there were 71 movies that opened on over 2,000 screens. Eight of them grossed over $300 million domestically and 18 surpassed $100 million, the foundation found.
"This year, we will have more than 100. And new titles are being added at a steady place," Fithian said. "The major studios are all aggressively claiming release dates for major titles in 2024 and beyond."
One of the big themes of the convention, which runs through the week, is the renewed focus on theaters as the most profitable way to release a film, as opposed to on a streaming service. Monday night, Sony touted its partnership with Apple to release Ridley Scott's historical epic "Napoleon" in theaters in November. Later in the week, Paramount will talk about how it will release another Apple TV+-made film, Martin Scorsese's "Killers of the Flower Moon" in theaters in October.
"It is now more irrefutable than ever that theatrical is the keystone of the movie industry," Fithian said. "Releasing major films with massive budgets directly to streaming platforms is not a sustainable business model. The return on investment is non-existent."
The Cinema Foundation found in a poll that nine out of ten people are 50% more likely to watch a movie on a streaming service when it was released theatrically first.
A recent test case of that is Ben Affleck's "Air," sold as a streaming product to Amazon but which Amazon decided to give a theatrical release where in several weeks it has grossed over $68.4 million worldwide.
Motion Picture Association Chairman and CEO Charles Rivkin spoke about what his group is doing to "ensure that more movies are being made in more markets."
"It starts by engaging and partnering with elected officials, regulators, and local industry around the world to help create the right conditions for global production," Rivkin said. "What are those conditions? Policies that encourage Investment and a strong rule of law. Robust copyright laws that protect creators. Tax laws that give producers the motive, and the means, to invest in creating jobs. And the commercial freedom that enables distributors like many of you here today to bring unique and exciting movies to your audiences."
Rivkin also said the Middle East holds great potential for the industry.
"Just look at Saudi Arabia. Since 2018, the country has become one of the region's top movie markets, and they now cite production incentives, which we are helping to shape, as a core element of their Vision 2030 economic plan," he said. "Similarly, the King of Jordan last year shared with me his ambitious plans to attract more international investment in new sound stages to make movies in iconic locations like Petra and Wadi Rum."
There were somber tributes to several distribution executives who died unexpectedly recently, including MGM Domestic Distribution Chief Erik Lomis, who died in March at age 64 and Dave Hollis, the former Disney distribution chief who died in February at 47.
And Fithian and Rivkin also wished well to Michael O'Leary the incumbent president and CEO of the theater owners' association.
"I have known Michael for many years, and he is a born leader with extensive experience in government relations and knowledge of the movie industry too," Fithian said.
“Heretic” and “Maria” Set As Red Carpet Premieres At AFI Fest
The American Film Institute (AFI) has announced that Heretic, the psychological thriller starring Hugh Grant, and Maria, based on the life of opera singer Maria Callas starring Angelina Jolie, will round out the Red Carpet Premieres section at this yearโs AFI Fest. The Heretic Gala Screening will take place on Thursday, October 24, and the Maria Gala Screening will be held on Saturday, October 26. The complete Red Carpet Premieres section includes the world premieres of Music By John Williams, Robert Zemeckisโ Here, Wallace & Gromit: Vengeance Most Fowl and Clint Eastwoodโs Juror #2. All Red Carpet Premieres will take place at the historic TCL Chinese Theatre. The full lineup for AFI Fest 2024 will be unveiled on October 1.
โAt the heart of AFI Fest is an unwavering dedication to celebrating the best in global cinema--together,โ said Bob Gazzale, AFI president and CEO. โWe look forward to uniting artists and audiences once again to be inspired by the art form in a powerful sense of community.โ
Heretic follows two young missionaries (Sophie Thatcher and Chloe East) who are forced to prove their faith when they knock on the wrong door and are greeted by a diabolical Mr. Reed (portrayed by Grant), becoming ensnared in his deadly game of cat-and-mouse. The film is directed by Scott Beck and Bryan Woods and produced by Stacey Sher, Beck, Woods, Julia Glausi and Jeanette Volturno. The film will be released nationwide by A24 on November 8.
Directed by Pablo Larraรญn, Maria presents a tumultuous and beautiful depiction of one of the worldโs most renowned artists and reimagines the legendary soprano in her final days in Paris, as Callas (Jolie)... Read More