TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Media CEO on 2021 film industry: ‘We’re not optimistic’

by souhaib
October 22, 2020
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

  • AT&T CEO John Stankey said he is not expecting a rebound in the film industry in 2021.
  • The company was happy it launched ‘Tenet’ in 2020 but will remain cautious with future 2020 launches.
  • The company has “Plan A, Plan B, and Plan C” options for movie releases.

The film and movie industry is poised to end 2020 on a disappointing note after multiple highly anticipated releases were postponed. On Thursday, expectations for an industry-wide rebound in 2021 were called into doubt after AT&T Inc. (NYSE: T) CEO John Stankey said he is “not optimistic.”

‘Tenet’ not the success it should have been

AT&T is the parent company of movie studio WarnerMedia as part of the 2016 acquisition that closed in 2018. The company that was previously known for its telecom empire reported Thursday third quarter results.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Media and entertainment-focused investors were paying particularly close attention as Warner’s “Tenet” film was among the few big-budget movies that were released at the bring screen in 2020.

AT&T said revenue for the WarnerMedia segment that consists of HBO, the movie, and TV studio fell from $8.4 billion last year to $7.5 billion. The much anticipated Christopher Nolan film “Tenet” generated $333.9 million globally since its debut, of which $50.6 million came from U.S. ticket sales. 

According to CNBC, the film should have collected between $50 million and $60 million in the U.S. during the opening weekend alone.

The film’s estimated budget of $200 million was coupled with a marketing budget of around $100 million. As such, AT&T executives can’t say the film recorded “a home run” performance, but still, management is “happy we did it.”

What to expect in 2021?

Stankey also said that the media company is not expecting a “huge recovery” in the film industry through at least the early part of 2021. Until then, the industry will remain “choppy” as the COVID-19 pandemic is showing minimal to no signs of slowing down.

Warner’s next mega-budget production, “Wonder Woman 1984” has been postponed multiple times throughout 2020. Currently, it is scheduled to release in theaters just in time for the Christmas break period.

Management isn’t willing to commit to any schedule and it will continue taking a cautious approach towards theatrical releases. The decision to launch or not the “Wonder Woman” sequel starring Gal Gadot could even be a “game-time decision” based on what is happening in different countries, CNBC quoted the CEO as saying.

“I’d say the holiday season is going to be the next big checkpoint to see what occurs and whether or not we can actually move some content back into theatrical exhibition,” he added.

In the meantime, AT&T is working on a “Plan A, plan B, and Plan C.” What each plan refers to is unclear but the company’s commentary isn’t signaling a bullish near-term outlook for the struggling industry.



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Air Canada’s Jetz business-class planes are now for the public

Next Post

Borderlands 3 Designer’s Cut Moze and Zane Skill Trees Revealed

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Borderlands 3 Designer's Cut Moze and Zane Skill Trees Revealed

No Result
View All Result

Recent Posts

  • NBA: Neither Mavs, nor Sixers, nor Knicks, the Lakers are “the only team with a serious interest” in Kyrie Irving
  • Assange did what he had to do | Ideas
  • They capture almost 98 kg python in Florida, the heaviest found there
  • “The Supreme Court has become a sewer of the far right”
  • Amber Heard Says She Still Loves Johnny Depp

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide