Don't call it a comeback! Parent company Cineworld revealed their plans to reopen Regal Cinemas in the U.S. for the first time in six months as they also launch a multi-year deal agreement with Warner Bros.
The reopening will begin in phases with a limited number of cinemas opening their doors for the WB/Legendary film Godzilla Vs Kong on April 2, 2021. More Regal locations will then open on April 16, 2021, which is just in time for another Warner Bros. title, Mortal Kombat. The new deal with Cineworld will see the 2021 Warner Bros. theatrical film slate playing day-and-date on HBO Max and then in 2022, theatrical films released by the studio will have a 45-day window of exclusivity at Cineworld's Regal locations.
Regal's return signals more good news for the film industry as movie theaters in major markets like Los Angeles and New York City have begun to reopen at 25% limited capacity. This is expected to increase to 50% in the near future and Regal now joins AMC Theatres as the next major movie chain to reopen in these markets. Cineworld CEO Mooky Greidinger called the news "a great moment for us – the U.S. market represents 75% of our business – and soon will be followed with all our markets. We are great believers in the theatrical experience, which only a year ago (2019) generated $43 billion worldwide."
Cineworld's largest market is in the U.K. and a deal between the company and Warner Bros. has also been struck there. The two entities have agreed to an exclusive theatrical window of 31 days prior to their PVOD launch and that is extended to 45 days for films that open to an agreed-upon box office threshold. The situation in the U.K. in terms of their COVID-19 reopening plan a little behind the U.S. at the moment but they expect to resume operations there in May under current government guidance.
The news was pretty bleak for Cineworld and Regal Cinemas just last year. Back in October, Cineworld temporarily closed 536 Regal locations in the U.S. and 127 Cineworld and Picturehouse sites in the U.K. Regal Cinemas is the number two exhibitor in the U.S. after AMC Theatres so the closure of all of those locations was a major blow to the industry after they had been shuttered since March. Regal did reopen in certain locations but by October it was clear the odds were against them. Major releases like No Time To Die vacated planned release dates and moved into the new year while big box office markets like Los Angeles and New York City weren't budging on reopening their movie theaters.
What a difference a year makes? Things are not 100% back to normal but it's great to hear about reopening plans rather than more news about closures. I'm a firm believer in the theatrical experience and I certainly want to see it survive. The return of Regal Cinemas signals that this is an industry that can come roaring back as moviegoers embrace the communal experience of going to the movies once again.
Are YOU excited to hear that Regal Cinemas will be opening again soon? What are YOUR thoughts on Cineworld's new deal with Warner Bros.?