It has been just one day at CinemaCon in Las Vegas, and there’s already a palpable sense of relief in the air. |
Attendance at this year’s show is up about 5% from last year, according to Cinema United, the trade group that organizes the four-day convocation of thousands of movie theater owners, studio executives and industry folks at Caesars Palace. |
Groups of people wearing orange-colored lanyards are everywhere throughout the hotel and casino, with many filling the Colosseum on Monday afternoon for a presentation from specialty film companies Angel Studios, Sony Pictures Classics and StudioCanal. |
“The energy in every room reflected a sector that believes deeply in its own future,” said Stephanie Silverman, owner of the Belcourt Theatre in Nashville who serves on Cinema United’s strategic planning committee. “For independents, that sense of collective purpose is powerful — we’re not just holding on, we’re building toward something real and lasting.” |
Amid such upbeat sentiment, CinemaCon allows theater owners and their business partners to see what’s coming from each studio and get a snapshot of the year ahead. |
On Monday, Provo, Utah-based Angel Studios showed footage from their upcoming film “Young Washington,” about the early life of the first U.S. president, as well as a trailer from an animated retelling of George Orwell’s “Animal Farm.” |
“Theatrical isn’t fragile,” Shelley Schulz, vice president of domestic theatrical sales and exhibitor strategy at Angel Studios, said during the presentation. “It’s not fading. It’s evolving.” |
European indie film studio StudioCanal also unveiled some of its upcoming films, including scenes from a new animated “Shaun the Sheep” movie that got laughs from the audience, before bringing out director Danny Boyle to applause and cheers to speak about his new film “Ink,” about the beginnings of the British tabloid “The Sun.” |
Later this week, Warner Bros., Universal, Amazon MGM, Paramount and Disney will unveil footage from their upcoming releases and likely bring their major stars on-stage to build excitement about this year’s slate. |
As I reported Monday, a string of recent hits like Amazon MGM Studios’ “Project Hail Mary” and Universal Pictures, Nintendo and Illumination’s “The Super Mario Galaxy Movie” have pushed year-to-date domestic box office revenue about 23% higher than the same time last year. |
The upswing signals that the exhibition business is embarking on its long-awaited recovery from the devastating downturn that occurred in the aftermath of the pandemic. |
Studio executives and theater operators chalk up the improved prospects in part to a better and more plentiful crop of bankable movies that are bringing people back to the multiplex. |
Exhibitors feel better about the lineup this year — it’s full of major franchises like “Star Wars” and Marvel superheroes as well as well-known animated titles such as “Toy Story 5” and “Minions & Monsters.” Also coming are anticipated films from acclaimed directors Christopher Nolan and Steven Spielberg. |
“We’re getting into that cadence we needed in terms of having good movies, different types of movies being released every weekend,” Cinépolis USA Chief Executive Luis Olloqui told me ahead of CinemaCon. “This year in general, we’re feeling more confident, more optimistic.” |
It’s quite the turnaround from the anxiety I heard last year leading into CinemaCon, when theater owners grappled with the box office downturn and the general shakiness of the industry. |
Not to say that this year is all roses. |
As I wrote, there are still major question marks facing the industry, including how Paramount Skydance’s proposed acquisition of Warner Bros. Discovery will affect the business. Paramount Chief Executive David Ellison has said the combined company will release 30 films a year, but exhibitors fear that cost cuts from the deal could impede that goal, which many believe is unrealistic. |
And Hollywood is still going through a painful retrenchment. |
Just last week, Sony Pictures Entertainment said it would cut hundreds of jobs across its film, TV and corporate divisions. Then came the news about upcoming layoffs at Disney, which could number as many as 1,000. |
It hasn’t been much better in the exhibition space, either. In February, Dallas-based Look Dine-In Cinemas abruptly closed three Southern California locations; then, in March, the iPic chain filed for Chapter 11 bankruptcy protection and said it planned to pursue a sale of its assets. |
A better box office this year wouldn’t solve all of these problems, but it would inject more hope into an industry that has been in turmoil since the pandemic. |
Stuff we wrote |
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Warner Bros. Discovery Chief Executive David Zaslav could get as much as $887 million to leave the company after the Paramount Skydance acquisition. |
That amount “represents one of the highest golden parachute estimates ever observed,” investor advisory firm Institutional Shareholder Services wrote in a recent report. The firm said support for the proposal “is not warranted.” |
Warner shareholders will vote April 23 on the proposed takeover. |
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What I’m watching |
For years, one of the shows on my weekly must-watch list is “Ghosts,” the delightful comedy about a couple who moves into a historic mansion haunted by its previous inhabitants. After a long week, the antics of Viking ghost Thorfinn always make me laugh. |
