Cinemas banking on a blockbuster box-office revival as crowds surge back
Australian exhibitors are hoping that blockbusters such as No Time To Die will entice people back to the movies.
It’s been six years since the release of the last James Bond film, Spectre, including 18 months of delays before the latest instalment of the franchise hits Australian cinemas. But the anticipation surrounding the release of No Time To Die on Thursday isn’t limited to fans, as cinema operators are counting on the film to revive the box office.
After opening in theatres in the US a month ago, No Time To Die shot straight to number one on its opening weekend, netting $US55.5m, according to industry watcher Exhibitor Relations. However, of the five Bond movies starring Daniel Craig, No Time To Die has fallen far behind in terms of earnings and it appears Covid is largely to blame.
In recent years Bond movies have attracted an audience older than that for the blockbuster superhero films produced by Marvel Studios. With the Delta variant spreading through the US, that older demographic has proven the most reluctant to return to theatres.
Yet Hoyts chain chief executive Damian Keogh is confident current restrictions in NSW won’t keep older moviegoers from going to see No Time To Die in cinemas.
“The Bond movies are notorious for maintaining a strong theatrical release hold and we anticipate the Australian release of No Time To Die to be no different,” he says.
It has been almost impossible for Australian audiences to avoid spoilers – including the outcome for Craig’s James Bond in his fifth and final outing – since the film’s premiere in the US and in Britain.
The story picks up after the capture of villain Ernst Stavro Blofeld, played by Christoph Waltz, with Bond no longer in active service. The superspy is dragged out of retirement, taking on a mission to rescue a kidnapped scientist, which will put him on the trail of a new villain, played by Rami Malek.
Lockdowns in NSW and parts of Victoria saw the usual state of affairs reversed, as some regional cinemas and those in smaller states were able to screen the latest blockbusters ahead of the big cities, including Shang-Chi and the Legend of the Ten Rings and Black Widow.
Another major release, Eternals, opened Australia-wide last week. Despite lacklustre reviews, Disney estimates Eternals is tracking 85 per cent ahead of Shang-Chi and 20 per cent ahead of Black Widow, after generating $US7.6m on opening day in several international markets.
Industry experts say there have been “solid” attendances across a number of circuits including independent cinemas since restrictions eased in NSW and Victoria.
“Exhibitors are very encouraged by, if not positively excited about, pre-bookings for … No Time To Die, which coupled with the likely relaxation to 100 per cent capacity in NSW cinemas from Monday promises a fantastic fillip for the industry,” Michael Hawkins, of the National Association of Cinema Operators, says.
Since cinemas reopened on October 11, big-title films such as Free Guy, Jungle Cruise and Space Jam: A New Legacy that were released across streaming platforms during lockdown have been available in theatres. New films currently screening include The Last Duel, Red Notice and The Many Saints of Newark.
Executives from Hoyts and Event Cinemas in NSW and Village Cinemas in Victoria say their programs will continue to change weekly to meet consumer interest.
“We know movie lovers crave the entire big-screen experience and … with high vaccination rates and safety protocols in place, we are confident that customers will return to cinema,” Keogh says. “We expect the local box office to bounce back strongly with titles … having tremendous success in states and territories that remained open across the country.”
Covid protocols will remain in place in cinemas across NSW until December 15 when the state is expected to reach 95 per cent vaccination.
“We are closely following the details outlined in the government health order with regards to mask wearing and density limits in auditoriums and front-of-house areas,” Keogh says.