Several big-name Hollywood Studios are standing firm in their 2021 summer blockbuster release dates, including Paramount and its upcoming film Top Gun: Maverick. The ongoing global pandemic has seen a seismic shift in the way studios are releasing their films. Movie theatres are one of many industries that have taken a hard hit due to the inability to socialize and gather indoors amidst the COVID19 pandemic. However, some studios are holding out for their upcoming summer season theatrical releases, and for one big reason: Money.
Talking to The Hollywood Reporter, President-CEO of the National Association of Theatre Owners John Fithian said, “The studios have delayed the vast majority of their major releases until movie theaters are back in business for a very simple reason. A theatrical release is their biggest source of revenue on these titles, and they cannot be profitable without such a release. The tunnel of this pandemic for exhibitors has been long, but the light at the end of that tunnel looks very bright indeed.”
2020 was a difficult year to release a movie and many big premieres were moved to streaming services, such as Pixar’s latest animated film Soul, which debuted on Disney+ on Christmas Day. Most notably was Warner Bros.’ controversial decision to release their entire movie slate in 2021 on their streaming service HBO Max. The streamer recently saw the release of the much-anticipated superhero sequel Wonder Woman 1984 during the holiday season. However, after poor reviews and a lack of a theatrical run, sources suggest that the film will lose upwards of $100 million, despite also being touted as doubling HBO Max’s subscription numbers.
Other big-name franchises have seen their release dates repeatedly pushed back. Most notably is the latest Daniel Craig James Bond film No Time To Die, which has seen its release date delayed several times. Originally slated for a November 2019 release, it’s now scheduled for a theatrical on October 8th, 2021.
One of the most anticipated 2021 movies is the upcoming Tom Cruise action film Top Gun: Maverick. The sequel to the 1980’s classic will reportedly not be pursuing a release via streaming service and is instead maintaining its theatrical release date of July 2nd. Speaking to The Hollywood Reporter, President of Distribution at Paramount, Chris Aronson said: “We have no plans to move our theatrical release of Top Gun, I think the next two months are critical, and whether the new administration can implement a robust vaccination plan. If Biden’s 100 million vaccines in 100 days works, then I think we’ll be in good shape.” The Top Gun sequel has previously been scheduled for a 2020 theatrical until the pandemic hit.
Assuming the current incoming Biden administration can make good on its vaccine roll-out, and audiences once again feel comfortable enough to attend their local movie theatre, a return to normalcy may be on the horizon. Other big summer movies still on the calendar include Black Widow (May 7), F9 “Fast and Furious 9” (May 28), and Venom: Let There Be Carnage (June 25).
Top Gun: Maverick will be released in theaters on July 2, 2021.
Source: Hollywood Reporter, Uproxx
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