“Nobody Is Here!” – Movie Theaters Reopen, Audiences Stay Away | Zero Hedge
“If you build it, they will come.” That moto was popularized by Kevin Costner’s character in the 1989 movie Field of Dreams, but such advice today in a post-pandemic world is bullshit.
Take, for, example, Christopher Nolan’s movie Tenet, released on Sept. 3, was supposed to mark the revival of the movie theater industry, according to NYT.
Ahead of the opening, Robinhood traders in August piled into movie theater stocks, including Cineworld and AMC, in anticipation Americans would rush back to theaters.
But theater stocks dumped into corrections days after the movie was released, due to the fact the film collected $9.4 million in its first weekend in North America and just $29.5 million over its first two weeks. The disappointing turnout has made one thing clear:
“We have no way of forecasting how long it will take for consumer comfort with indoor movie theaters to return,” Rich Greenfield, a founder of the Lightshed Partners media research firm, wrote in a note on Monday.
