We already were in a fast-moving time. Not long ago, theaters were one of the greatest pastimes of the country. However, the advent of streaming media has brought some of the best entertainment out there to our homes. Between that, video games, and general online content, it’s never been more competitive to get the eyes of audiences. As you’ve likely noticed, Hollywood has been having a hard time getting audiences to venture outside of their well-equipped homes.

Generally speaking, audiences tend to hit theaters for blockbusters. Of course, us movie fans also tend to go for indie or foreign films, but by and large, the blockbuster is where it’s at. As such, Hollywood has been spending an increasingly large amount of money on explodey-type movies that draw out viewers in droves. All the same, theaters have found themselves fighting an uphill battle when it came to overall sales, with them making less money with each passing year.

And now, with the coronavirus wreaking havoc across the globe, exhibitors have fallen on tough times. In fact, it looks like they are relying heavily on Congress to pass a rescue bill.

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“The situation is that dire,” president and CEO of the National Association of Theatre Owners John Fithian told Variety. “Overnight, we went from an industry that makes $15 billion a year — $11 billion in ticket sales and $4 billion in concessions — to one that is not going to make a penny for three or four months.”

While many theaters have let go workers at this time, they still have expenses that stack up, including rent and utilities. Without federal aid, they could face bankruptcy. As it stands, banks are unwilling to extend lines of credit due to the unpredictable trajectory of the COVID-19 virus, and it’s even affecting big chains like AMC and Regal. NATO is pushing to make loans for these smaller theaters more available.

“Most of these theaters, not all of them, but most of them, will go bankrupt if this does not pass,” said Fithian. “If this goes through, it will provide a whole lot of help to industries that need it like restaurants and bars and bowling alleys and retailers.”

Fithian continued: “Loan guarantees are literally what can keep companies alive so we can bring back workers when the virus is over. We want the government to help workers directly so they can pay rent and buy groceries while this is going on, but we also need help to survive so we will be there on the other side with a job for them.”

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But here’s the kicker of it all. In this time of turmoil, studios have been adapting their strategies. Rather than wait for theaters to once again be safe, there have been moves to pushing things more to a home release strategy. So far, The Hunt and The Invisible Man are films that have pushed renting to the small screen. Yes, they were available in theaters, but they expedited VOD. Onward is already available for purchase online, and Trolls: World Tour will feature a day-and-date theater and home release date. 

In short, studios are testing out never-before-used practices. Yes, there have been some big delays, but I could foresee some of them taking greater risks to see if VOD is a viable path forward for big releases. This is something Fithian does not want, for obvious reasons.

“We need studios to help us out,” said Fithian. “We need their movies to be released theatrically later this year. We need to have something to play on our screens when we come back.”

With all this in mind, the future of the theater industry doesn’t appear to be in their own hands. Instead, it’s in the hands of Congress and in the hands of studios. I’m sure is not where NATO wants to be.

“A couple of weeks ago I was thinking, ‘this is really stressful,’” said Fithian. “‘Should we hold our show or not?’ That seems so minuscule. Right now the question is: ‘Will there be a movie theater industry when the virus is over?’”

What do you think? Is the end nigh for theaters as we know it? Let us know your thoughts down below!

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SOURCE: Variety