I don't think anybody is going to be head over heels building new theaters right now," said Reagan. "We're hoping that the industry, which is a little bit over-screened right now, loses some screens due to natural attrition.
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The acceleration of digital streaming during the pandemic has some people wondering what the long-term movie theater landscape looks like, and Reagan acknowledged it will be altered. "We're looking at this funding as the means that enables us to go forward so that we're paying next August's rent, not last August's rent," Reagan said.
Now, it will lean on the aid earmarked in the latest $900 billion coronavirus relief package for independent music venues and theaters. The company tapped into the Paycheck Protection Program earlier this year. All its locations are currently closed, Reagan said. In 2019, for comparison, ticket sales were $11.4 billion, the second-best total ever.įlix Brewhouse, which opened its first location in 2011, said revenues in 2020 were down by just over 90% year over year. and U.S.ĭomestic ticket sales were down 80% this year to $2.28 billion, according Comscore data. "We are now like a kind of a grocery shop that have no food to sell," Cineworld CEO Mooky Greidinger told CNBC in October to explain why the parent of Regal Cinemas decided to temporarily shutter its locations in the U.K. But even as movie theaters began to operate in some locations, they soon confronted the challenge of limited new releases to entice people to attend. Movie theaters and entertainment venues generally have been hard hit by the pandemic, as screens went dark in the spring during the initial wave of public-health restrictions. That's the way we're gaming this out permanently," Reagan said. "The total attendance, based on the traditional curve, might be down 15% to 25% on a permanent basis. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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