UK cinema chains face long wait for cinemagoers to fall back in love

theguardian.com:

The stratospheric performance of Tom Cruise’s Top Gun: Maverick this summer ignited hopes that a box-office recovery might finally be in full swing after the pandemic shuttered cinemas. However, a subsequent blockbuster drought has left beleaguered theatre owners praying that the Christmas release of mega-sequels to Avatar and Black Panther will pull them back from the brink.

The world’s second-largest cinema chain, UK-based Cineworld, last week filed for bankruptcy protection in the US after succumbing to almost $9bn (£7.75bn) in debt and lease liabilities. The company, which will continue to operate its 751 sites in 10 countries, blamed the pandemic and the slow trickle of new releases for its faltering admissions.

The London-listed company joins Vue, the UK’s third-biggest chain, in being forced to go through a major restructure, with equity holders in both wiped out.

The standout successes of films such as the latest James Bond, Spider-Man and Top Gun releases have proved false dawns in sparking a sustainable recovery in filmgoing.

Pandemic-induced production delays, jittery Hollywood studios continuing to postpone blockbuster release dates, and a wider lack of mid-budget fare – from rom-coms and buddy movies to dramas – will push back the timeline on a full recovery for cinema owners until possibly 2024, according to analysts.

The dearth of new releases has turned the typical summer list of box office hits on its head. Last week, Spider-Man: No Way Home topped the US box office – eight months after its global release. In the UK, the live performance of Dutch violinist Andre Rieu’s Maastricht summer concertbeat Hollywood films including Idris Elba’s Beast and Brad Pitt’s Bullet Train to the top spot late last month.

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