Scorsese, Eastwood say US Movie Theaters May Not Survive this Chaos

Scorsese, Eastwood say US Movie Theaters May Not Survive this Chaos

#Scorsese #Eastwood #movie #theaters #boxoffice

$AMC $CNNWF

 Oscar-winning film directors James Cameron, Clint Eastwood and Martin Scorsese joined forces with movie theater owners last week in an appeal for financial help, saying they fear for the future of the industry.

In a letter to the leaders of the US Senate and House of Representatives, they said the coronavirus pandemic had dealt a devastating blow to movie theaters and that without funds “theaters may not survive the impact of the pandemic.”

The letter was signed by more than 70 directors and producers along with the National Association of Theater Owners, the Directors Guild of America and the Motion Picture Association.

The medical emergency chaos forced movie theaters to close their doors in mid-March. B

Big chains including AMC Entertainment and Cineworld Plc’s Regal Cinemas had reopened, with reduced capacity, in many US cities, but not in the biggest markets of Los Angeles and New York City.

Since then Cineworld has announced permanent closings.

Britain’s biggest cinema chain, Cineworld will shut all its UK and US venues after the latest James Bond movie was delayed into next year. Cineworld owns the Regal and Picturehouse chains.

The premiere of the new 007 flick, No Time To Die, has been 2X postponed, from April when cinemas were shuttered to 12 November, and now to April 2021, in a big blow to the cinema industry.

The company, the world’s 2nd-biggest cinema operator, has written to UK PM Boris Johnson and the Culture Secretary, Oliver Dowden, this weekend to warn them that the industry has become “unviable”.

Efforts to get Americans back into theaters have proved disappointing, and Hollywood studios have delayed the release of big movies.

The letter said that 69% of small and mid-sized movie theater companies will be forced to file for bankruptcy or close permanently unless help is forthcoming.

Have a healthy weekend, Keep the Faith!

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.