Regal Cinemas is temporarily closing down all theaters in the US and the UK. This is the country’s second-largest theater chain behind AMC with over 600 locations and 45,000 employees.
This weekend MGM decided not to go ahead with releasing the latest James Bond film, “No Time to Die.” The film has been delayed yet again until April 2021. Without movies or moviegoers, theaters cannot survive.
“We are like a grocery shop that doesn’t have vegetables, fruit, meat,” CEO Mooky Greidinger said in an interview. “We cannot operate for a long time without a product.”
Even if they had a product, many states still do not allow movie theaters to be open. Hollywood studios have made most of their money from overseas theaters that are open this summer. Christopher Nolan’s “Tenet” made $262 million from international markets.