PHILADELPHIA (KYW Newsradio) — Just weeks after reopening, the second largest movie theater chain in the United States is once again closing its doors. Some smaller movie theater chains in the Philadelphia region are working to avoid that same fate.
The James Bond film “No Time To Die” was supposed to open earlier this year, but because of the pandemic, it's been pushed back time and time again.
It's opening was supposed to be a boost to the suffering theater industry. But with the latest news that Regal Cinemas is temporarily closing its 536 U.S. theaters on Thursday, “it could essentially be a death blow,” said Josh Goldbloom, creative director with Darkstar Pictures.
He said now is the time for theaters to evaluate their model so they do not get left in the dust.
“These old ways need to adapt to modern times. The theatrical landscape will exist long after this pandemic, but is it going to change? Yes, absolutely, of course. You have virtual cinemas. The drive-in has seen a resurgence. I think a lot of it just lies outside of the box,” Goldbloom said.
Greg Wax, president of Pennsylvania-based chain Reel Cinemas, said after being forced to close for six months, the lack of help from lawmakers and lack of new product is making their resurgence even more difficult.
Wax said in an effort to remain open, they've cut ticket prices and opened up the vaults to bring some of the classics back to the big screen.
“We figured people would want to come and see them the way they're meant to be seen: on the big screen. It's been a lukewarm reception,” Wax said.
Goldbloom echoed that, saying while the immediate future of blockbusters is in flux, this is a good time for theaters to shine a light on films that may otherwise go unnoticed.
“How can we support the indie filmmaker? The people that are making movies just as good as the ones that you're seeing in these large theatrical outlets,” he said.
Experts estimate the worldwide cinema industry stands to lose between $20 billion and $30 billion this year.