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NEED TO KNOW
MoviePass Is Returning!
While MoviePass provided movie lovers with the ultimate viewing bargain, watching movies anytime at almost any theater for as low as $10 per month, the concept was poorly executed and the company went bankrupt in 2020. Now, after a revamp MoviePass is set to return this summer with a relaunch of its subscription service, though no date has been announced. Their return to the cinema industry will not be without major changes and tough competition. The company will be competing with not only the two major subscription plans: AMC Stubs A-List and Regal Unlimited, but other services such as Cinemark and Alamo Drafthouse Cinema’s subscription plans. Clearly, MoviePass still has brand awareness among the big players like AMC Stubs A-List, and Regal Unlimited. The three brands are arguably the most well-known subscription services. MoviePass’s waitlist has already been closed but with their launch, it is expected that it will be open again to the general public. According to BuzzFeed News, MoviePass CEO and cofounder Stacy Spikes shared that the subscription service would be “implementing a new business model that still includes partnering with various cinemas. However, the company will now use a credit system, with varied charges depending on the screening’s day and time.” Members of the subscription service will purchase credits to watch movies based on the time and day of viewing; “weekend night screenings will cost more credits than a Wednesday morning movie,” for instance. Spikes continued to say that the company has plans to test out four pricing tiers with different theater location restrictions. “Three of the tiers will be available in most participating locations while the fourth “Pro” tier will only be available in select markets that have yet to be announced.” The idea here is that moviegoers can pick different theater locations based on the film they are seeking to watch. For example, “for opening Marvel films, some people may prefer to be in a 500-seat auditorium, while Oscarbaity films might be more desirable in a smaller theater.” This will allow both exhibitors to tailor their big-screen experiences to the preferences of the moviegoers based on the film, and allow the moviegoers to have a more exciting, new, and personalized theatrical experience. With MoviePass’ relaunch approaching, it will be interesting to monitor their debut back to the scene of subscription movie services. Read more
Stocks Adjust to Reflect Super Mario Bros. Theatrical Success
Last week, audiences flocked to the big screen for the openings of both Super Mario Bros. and Air. The popularity of the releases of both of those films marked April 8 as “the strongest day of attendance for the chain since Christmas Day 2019.” Super Mario brought in IMAX Corp.’s best opening weekend ever for an animated film grossing $21.6 million at the box office. As a result of the opening successes, Cinemark Holdings Inc. hit the highest level since August and AMC Entertainment Holdings Inc. closed up 6.9%. According to yahoo finance, “the four stocks have each notched double-digit gains so far in 2023 after several volatile years as the cinema industry slowly recovers from pandemic restrictions.” The recent strength in the theater stocks gives the industry optimism for the performance of films for the rest of the year and sparks hope for the success of the box office. B. Riley Securities analyst Eric Wold stated that, “as theater chains continue to show progress toward returning to pre-pandemic revenue and profitability levels, investors will feel more comfortable not only assigning pre-pandemic average valuation multiples to the stocks but also looking forward to 2024/2025 estimates as the recovery is anticipated to more fully take hold on results.”Read more
Super Mario Bros. Shoots to The Top of the Box Office
The Super Mario Bros. Movie smashed the weekend box office and even far surpassed its already high expectations. In its first five days in theaters, it earned over $204 million domestically and approached almost $400 million globally. The film follows Mario and Luigi, as Mario tries to rescue Luigi and save the Mushroom Kingdom from Bowser. The film has already broken the record for the biggest debut for an animated movie. Along with that, it is now also in the lead for the biggest debut of 2023. It also passed Warcraft for the best opening weekend for a film based on a video game. Some may say it brought the long-absent spark back to audiences.
If you’re attending CinemaCon this year, we have some good news for you. The Flash will be screened at the show in April, before its release date on June 16th. Studios typically choose to show full films that will make exhibitors “see dollar signs”, the ones with the biggest wow factors. By choosing to show The Flash at CinemaCon, Warner Bros. shows its faith in the film. This film is pivotal for the shift that is coming within the DC universe. There will be a lot of eyes on it due to DC’s declining popularity and the star’s offscreen behavior, nonetheless, there will be many exhibitor eyes on it on April 25th.
When Russel Crowe shares his thoughts on the highly anticipated sequel to Ridley Scott’s Gladiator film (2000), all he really has to say is that he’s slightly jealous. He says that it was a huge experience and part of his life when he was much younger. It changed his life and he also won Best Actor for the film. Paul Mascal is now set to star in the sequel. Crowe doesn’t know much about the sequel yet but does assume that at some point they may ask him questions about it. He is confident that there have been many things on Scott’s mind relating to the film for the past 24 years and that he will make positive changes for the sequel. He does admit that he is jealous and that he will miss it, but the truth is that it wasn’t all sunshine and rainbows when he was playing the role.
John Wick: Chapter 4 Closes in On Box Office Record
On Sunday, John Wick: Chapter 4 crossed the $300 million mark at the global box office as it continues to bring audiences to theaters. It has brought in around $147.06 domestically and $159 million internationally. There was a 48% drop from last weekend, which considering its tough competition, isn’t bad. Later this month the film will also be released in South Korean and Middle Eastern markets. The film beat the franchise's best debut weekend total and is also closing in on (and will pass) the franchise’s lifetime best at the global box office. The franchise will expand on June 7th, 2024 when Ballerina, a spin-off, will hit theaters.
