Warner Bros. is keeping movie theaters’ hopes for a summer blockbuster movie alive.
The Hollywood studio said Monday that it is releasing Christopher Nolan spy thriller “Tenet” over Labor Day Weekend, which kicks off Sept. 3, in select US cities. Warner Bros. did not specify which US cities will get the film, but it is safe to assume that it will debut in markets where theaters have been cleared to open, a rep said.
Internationally, “Tenet” will hit the big screen in over 70 countries starting August 26, including Australia, Canada, France, Germany, Italy, Japan, Korea, Russia, Spain, and the UK.
Last week, the studio pushed “Tenet’s” August 12 release without providing a new premiere date, squashing movie theaters’ hopes for a summer thriller to draw out the crowds.
Adding to theaters’ pain, Disney’s live-action version of “Mulan,” set to debut globally on August 21, also suspended its premiere indefinitely following Warner Bros.’ announcement.
The news spurred AMC, the country’s largest movie theater chain, to delay its reopening from July 30 until “mid-to-late August.” The chain cited the uptick in the coronavirus as well as a lack of new movies to screen.
While “Tenet’s” release appears to be good news for struggling cinema chains, Wall Street analysts remain skeptical.
“One movie isn’t going to do it,” Wedbush Securities analyst Michael Pachter said, adding that the country’s two biggest markets, California and New York, are keeping screens dimmed indefinitely.
“If anything, we’re closer to a lockdown than we are to reopening, so I would say there’s a low probability of a US release this year,” the analyst said of the Big Apple.
But Comscore analyst Paul Dergarabedian called the spy thriller’s theatrical debut “an important step” for theaters because its signals a “vote of confidence” by a major Hollywood studio.
Plus, it will help bring in money to offset rents and other expenses.
Warner Bros., meanwhile, is banking on a strong showing internationally where cases of the coronavirus have leveled off. The studio expects the spy thriller to garner about 60 percent of its box office revenue from overseas showings, a source close to “Tenet” said.
The studio also plans to release the movie on streaming services for an additional fee, as well as on its parent company’s streaming app, HBO Max, after it premieres in theaters. Warner Bros. did not comment on the timing of the streaming debut.
