Movie studios are finally releasing tentpole movies that have been delayed by the pandemic for more than a year — in various ways.
Warner Bros. is releasing its movies simultaneously in theaters and on sister streaming service HBO Max. Disney has done the same with some of its movies but sometimes charged an additional fee, including for "Black Widow" on Disney+.
But at least one movie, "A Quiet Place Part II," has stood out as a "perfect example" of a studio's release strategy that has worked, according to Chris Johnson, the CEO of the Illinois-based theater chain Classic Cinemas, which has 14 locations in northern Illinois.
"A Quiet Place Part II" faced several delays. When Paramount saw an opening for Memorial Day weekend this year, it moved the film up from September. The move paid off: it opened to a then-pandemic-best domestic opening of $47.5 million.
Since then, it's been one of the only movies to perform at pre-pandemic expectations, grossing $156 million domestically so far off of a $61 million budget (it's earned $287 million worldwide).
"When you can cultivate an event, you definitely raise the value of that property and the excitement around that property," Johnson told Insider. "Streaming and PVOD (premium video-on-demand) can be bolstered by a big theatrical release."
The film is still going strong despite being available to stream on Paramount+ and to rent on digital-rental platforms after a shortened 45-day exclusive theatrical window (the pre-pandemic window was 75 to 90 days, which seems to be a thing of the past). It topped FandangoNow and Vudu charts last week and is currently the No. 5 movie on iTunes.
That's not to say that "A Quiet Place Part II" is the only success during the pandemic.
Warner Bros.' box office seems to have been somewhat unaffected by its day-and-date strategy. The studio's latest movie, "Space Jam: A New Legacy," dethroned "Black Widow" at the box office last weekend. "Godzilla vs. Kong," one of the earliest tentpole releases this year, earned $100 million domestically despite also being available to stream on HBO Max.
Johnson said the thinks there's more value for studios (and theater owners) in "maximizing" the life cycle of a movie and gaining positive word of mouth from a theatrical release rather than going straight to streaming.
"There's middle ground," he said. "I don't think the day-and-date launch is the right move for a lot of reasons, but I don't think the 90-day window is a necessity, either."
Johnson also said that the biggest issue facing theaters right now is a "demand issue." He noted a lack of animated films, rom-coms, high-profile dramas, and other genres, aside from the franchise sequels and horror movies that were the most reliable genres at the box office before the pandemic.
"The demos we're going after are limited," he said. "Once we meet the full menu of supply, we'll service the full demand."
He said "Black Widow's"sluggish performance at the box office highlights theaters' need for more releases. After two weeks in theaters, it's grossed $140 million domestically, a far cry from other recent Marvel films.
"Our fortunes can't live or die on a film here and a film there," Johnson said.
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