The global coronavirus pandemic continues to batter different industries, with the film and theater industries one of the hardest hit. The situation's direness was recently brought to light as the National Association of Theatre Owners (NATO) warned of impending bankruptcies.
Variety reports that Jonathan Fithian, the head of NATO, warned that the exhibition industry would face a disastrous end if Congress does not pass the “Save Our Stages” bill. The bill intends to help out theaters and concert venues by providing them with billions of dollars worth of grants.
According to Fithian, liquidations and bankruptcies await these venues if the bill is not passed. Variety points out that despite the bill actually being supported by both Republicans and Democrats, the bill is part of a larger stimulus package that neither party has agreed on.
As pointed out by Broadway World, the bill is not intended to rescue huge chains like Cineworld but rather independent and smaller theaters that have taken a beating due to the lockdowns brought about by the global coronavirus pandemic.
While Fithian is pessimistic about the “Save Our Stages” bill being passed in time to save the majority of the industry, he says that different parts of the entertainment industry are working on their behalf to get Congress on board.
Fithian shares that studio executives, filmmakers, and other industry players that treasure the theatrical experience have been making calls on behalf of theater owners so that the bill could be passed in time.
The picture is grim if the bill is not passed before January, according to Fithian. He says that 70 percent of the organization’s small and medium-sized theaters would probably have to declare bankruptcy or close up shop altogether.
While the situation is dire for smaller players, it is not any better for bigger players either. Just last week, AMC Entertainment declared that it had losses amounting to $905 million. As explained by AMC CEO Adam Aron, the closure of the theater chain’s locations for most of the year due to the global coronavirus pandemic contributed to the huge losses.
AMC had initially planned to reopen its venues back in July in anticipation of potential blockbusters like Christopher Nolan’s Tenet and Disney’s Mulan. However, Mulan ended up being streamed on Disney+ instead, while Tenet did not end up bringing people back to movie theaters.
Fithian says disaster may be averted if a blockbuster brings people back to the theater in droves, such as the upcoming December release of Wonder Woman 1984. However, Wonder Woman 1984’s Christmas Day release date is not set in stone, as the global coronavirus pandemic might yet force it to reschedule.
According to the Nov. 8 update from the Centers for Disease Control and Prevention, there are currently 9,808,411 confirmed COVID-19 cases in the United States. There are now 236,547 people who have died from COVID-19 in the United States.