Screen Time Column: Streaming services are a force to be reckoned with
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Throughout the past year, film and television watchers have had a plethora of content at their fingertips as new streaming services have launched and battled for subscriptions. First it was Apple TV+ and Disney+ in November 2019, followed by Quibi in April, HBO Max in May and NBCUniversal’s Peacock in July.
Then, a plot twist no one could have predicted emerged as the coronavirus pandemic coincided with the streaming wars and caused all movie theaters to close in mid-March. The World Economic Forum predicted a loss of $17 billion by May for the global box office and as many theaters remain closed, this number has most definitely grown.
Major studios made the choice to delay big releases. For example, Paramount pushed “A Quiet Place Part II,” from March 2020 to April 2021, and Disney adjusted the release of all upcoming “Star Wars” and “Avatar” films, as well as Marvel’s “Black Widow.”
Studios’ other option is to release movies on streaming services for a premium price. “Trolls World Tour,” the sequel to the animated musical, was released on several premium video on demand platforms. Universal claims it is now the most successful digital release of all time. It was the first major title to give up the theatrical release, and it seems to have worked. Audiences paid $19.99 to rent the movie, which is less than the cost of movie theater tickets for the whole family.
Other studios have made similar moves. Paramount sold romantic comedy “The Lovebirds” to Netflix, and Universal released several highly-anticipated titles such as “The Hunt” and “Emma” on VOD early.
In an unsurprising but nevertheless controversial move, the Oscars have changed eligibility requirements for this year’s awards in favor of streaming services. On April 28, the Academy of Motion Picture Arts and Sciences announced that the longstanding, major requirement for entry — a minimum of one week playing in a Los Angeles-area theater — will be removed for this year’s awards. Instead, films that were scheduled for theatrical release and meet all other eligibility requirements can now be released on VOD without jeopardizing their chances.
Many filmmakers, however, are not satisfied with this option and value the experience of the movie theater. One of the biggest titles this year has been at the center of this issue, Christopher Nolan’s “Tenet.” Nolan said he believes that big movies must be seen on big screens. “Tenet” was released internationally in 41 markets and debuted at 53 million, which is better than expected. It was the first major Hollywood movie to test out the theatrical release. “Tenet” debuted in the domestic box office on Labor Day weekend at its projected 20 million, with its widest release reaching 2,800 theaters.
These numbers are not enough to predict whether other studios and filmmakers will brave the pandemic market and push for their would-be blockbusters to be released in theaters, or if they will opt for a digital release. Nolan has had the support of movie stars like Tom Cruise, who posted a video on Twitter of him attending a preview screening of “Tenet.”
The video, captioned, “Big Movie. Big Screen. Loved it,” shows Cruise going into a theater full of an excited, mask-wearing audience. In the video he said, “It’s great to be back in a movie theater, everybody.”
Netflix has long since been the enemy of the movie theater, but in a strange turn of events, the company purchased New York’s Paris Theatre in November 2019. Opened in 1948, the Paris Theatre is now Manhattan’s sole-surviving single-screen cinema. Netflix also worked out a deal for Hollywood’s historic Egyptian Theatre. On the other hand, major cinema chains have avoided playing Netflix films as they don’t adhere to the same rules as the traditional Hollywood studios.
Even before theaters were forced to close and streaming services began to dominate, there were fears of the decline of movie theaters. Major blockbusters were becoming less varied, with only big-budget franchises bringing in huge revenues, while indie theaters were closing and indie audiences were opting to stay home.
Hollywood figures have expressed disdain towards these movies, like legendary directors Martin Scorsese and Francis Ford Coppola who made some controversial comments about the Marvel franchise. Scorsese said in an interview with Empire magazine that the movies are “theme parks.” Coppola went one step further in defending Scorsese’s comments and called the franchise “despicable” at a press conference at the 2019 Lumière festival.
Amongst all these changes, the bottom line is that audiences want to be entertained. This time is uncertain and also exciting, with so much content and so many different outlets to stream movies and TV shows. What we know for sure is that many are still willing to go to the movies, even when it could potentially be a risk to their health.
Still, movie theaters are no longer the universally desirable avenue for viewing content, and streaming services are a force to be reckoned with.
