It cannot be understated how badly the coronavirus pandemic hit the movie theater industry this year. The pandemic has caused major films like Marvel’s “Black Widow” and “No Time to Die,” the latest James Bond installment, to be delayed until next year. While some films like Warner Bros.’ “Tenet” have hit theaters, it hasn’t been enough to put audiences in the seats.
For example, AMC said last month that its existing cash resources would be “largely depleted” by the end of 2020 or early 2021. The company reported last week that its revenue for the third quarter was just $119.5 million — a huge drop of 91% from the year prior.
Monday’s vaccine news offered hope for the beleaguered industry, but it’s not yet clear that audiences would return to the movies even if a vaccine is effective.