Tenet's planned August release into theaters is looking increasingly unlikely, at least according to one industry analyst. Eric Handler of MKM Partners, a longtime film industry analyst, tells Deadline that there is a "low likelihood" of Tenet opening in theaters in August. This is one more sign of what's looking to be a troubling year for any industry connected to Hollywood. The box office is looking at a 70 percent decline in revenue. This comes as a result of theaters closing due to the coronavirus pandemic and having to delay reopening due to new COVID-19 surges. Cinemark Theaters announced in June that it would delay its reopening until Friday, July 24th in response to the delays of studio films like Tenet, as well as Mulan.
Upon reopening, the theaters will bring back classic movies. One such film, The Empire Strikes Back, topped the box office this weekend while screening in limited locations. Cinemark also promised "elevated cleaning and safety standards."
"Cinemark is pleased with the moviegoer response and key learnings from our initial five-theatre test-and-learn phase in the Dallas area, and we look forward to welcoming movie fans back into our auditoriums across the country to enjoy this year's newest films," said Cinemark CEO Mark Zoradi in a press release. "Our multi-phased reopening plan was thoughtfully designed with multiple contingencies in place that enable us to efficiently adapt to today's ever-changing environment. We continue to pay close attention to status of the virus, local mandates and availability of new content while prioritizing the health and safety of our guests, employees and communities."
In April, Cinemark sold $250 million worth of debt securities. Chains and studios continue to come up with ways to draw audiences back into movie theaters once they do reopen, including bringing popular movies back into theaters. Still, at least half of theatergoers say they'll avoid going to see a film even once theaters are open again.
Rival chain AMC Theatres made a similar announcement, pushing back it's reopening until July 30th. "We continue to devote extraordinary resources into our plan to operate our theatres with a hyper commitment to the safety and health of our guests and associates, notably in the United States through our new AMC Safe & Clean initiative," said AMC Theatres CEO and president Adam Aron. "Our theatre general managers across the U.S. started working full time again today and are back in their theatres gearing up to get their buildings fully ready just a few weeks from now for moviegoers. That happy day, when we can welcome guests back into most of our U.S. theatres, will be Thursday, July 30."
Tenet is currently set to open in theaters on August 12th.