Studios have “come to recognize that having an exclusive theatrical window is the best way to maximize profits instead of releasing everything simultaneously on demand,” says analyst Eric Handler.
,” a drama about Nike’s courtship of Michael Jordan that stars Matt Damon and Ben Affleck. The film was released on more than 3,000 screens, the widest debut ever for a movie from a streaming service, and benefited from a $40 million marketing campaign. As “The Super Mario Bros. Movie” generated a massive $204 million in its first five days of domestic re- lease, “Air” racked up north of $20 million — impressive for a movie aimed at adults.
Amazon isn’t overly concerned if “Air” loses money at the box office. To be profitable in cinemas, where studios split revenue with exhibitors, movies must double their production and marketing budgets, meaning the Affleck-Damon film would need to gross at least $260 million. However, opening “Air” in wide release means it will hit the company’s Prime Video streaming service with more buzz.
Although the pandemic didn’t lead to the decimation of theaters, with the number of screens falling by roughly 5%, a few prominent locations may have dimmed their marquees forever. The Arclight chain of high-end theaters is defunct, Hollywood’s iconic Cinerama Dome remains shuttered, and Regal Union Square in New York, once the highest-grossing cinema in the country, plans to close.
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