Box Office
IMAX Comeback: First Profitable Quarter of the Pandemic
After a turbulent two years, IMAX is reporting profits from last quarter, thanks to tentpole films like Spider-Man: No Way Home and Dune. And according to their numbers, profits not only rose, but also surpassed pre-pandemic levels. Last quarter, the box office rose by 15% to $277 million. In 2019, the highest-grossing quarter in IMAX history, box office numbers reached $244.46 million. While IMAX reported a shareholder loss of $21.2 million a year earlier, they are now projecting $10.1 million. IMAX shares went up by 9% after the company reported these numbers. Prior to their analyst call, IMAX CEO Richard Gelfond said, “In the fourth quarter alone, IMAX turned in a dominating performance at the global box office, launched a major streaming partnership with Disney+, and created a series of exclusive events connecting theatrical and streaming in a way that few brands can.” IMAX is also seeking to expand more in China and Japan, as those markets are growing in both size and demand. The company is also looking to “eventize” their technology. Last year, they joined Amazon Music to stream a Kanye West and Drake concert. In the past, they’ve also worked with film distributors such as Apple, A24, and Disney. Going forward, IMAX hopes to create more exclusive events across multiple entertainment sectors that mirror their work with tentpole films.
Advertisements
NewFronts to Upfronts: YouTube Is Entering the TV Ad Scene
Upfront week has been scheduled, and many presenters are committed to this year’s in-person event. For the first time, a digital platform will be a part of the traditional occasion. YouTube is changing the game by moving their presentation, usually held during the IAB NewFronts week, to May 17 during normal upfronts. The presentation will feature top creators and music talent. YouTube, a founding member of NewFronts, will still have a presence at the IAB event. According to Debbie Weinstein, VP of YouTube and Video Global Solutions, “Today, streaming and TV are one and the same. And YouTube can help advertisers reach more of their audiences on the big screen.” Despite YouTube’s recent decision to scale back original content, this move looks to bridge the gap between linear and digital TV. YouTube’s presentation schedule may cause problems for marketers hoping to attend the previously scheduled Disney event in the late afternoon. For their part, Disney has expressed that their star-studded presentation will transform the upfront experience and should not be missed.
Sports
MLB Strikeout: Will a Labor Deal Shorten Next Season?
Major League Baseball has five days to salvage its next season. If not, locked-out players who have yet to sign player contracts will have their games canceled. According to the MLB Association, multiple days of negotiations have been underway with little movement, which has led them to publicly release their statements to the union. An MLB spokesperson said, “A deadline is a deadline. Missed games are missed games. Salary will not be paid for those games.” Players have not accepted the MLB’s terms, and their union suggests that missed games and unpaid salaries can lead to future management proposals like those for uniform advertisements. While the last two seasons have been cut short due to the pandemic, the last real labor strike was in 1994. That debacle caused the 1995 season to be cut down from 162 games to 144. Players are only paid during the regular season and can each lose up to $233, 975 daily. Spring training began on February 16, and the MLB has already canceled the first week of exhibitions (which were set to start on Friday). According to Baseball Commissioner Rob Manfred, four weeks of training are required to start a season. Players in the union are arguing for a higher minimum salary and an increase in arbitration eligibility.
Television
London Bound: TV Buyers Ready To Attend England Screenings
TV buyers from across the globe are preparing to attend the London Screenings next week. While the event was scheduled during the Omicron surge at the end of last year, people are increasingly excited to be in live attendance as restrictions are removed across the U.K. Organized by some of the world's largest distributors, the screenings will begin on February 28, with several studios already planning separate events for buyers. Of those, only two studios will host all-virtual showcases. Anticipated attendance is at pre-Covid levels, and Ruth Berry, ITV Studios’ Managing Director of Global Distribution, believes that “as various restrictions lift in countries around the world, buyers feel ready to travel.” These screenings highlight the new method of distribution, specifically in the highly competitive streaming environment. Many industry types believe that this will be the first major event of the year, with the BAFTAs following closely after. Because there is no single entity overseeing these screenings, the event is truly a collaboration between distributors, which helps them reach smaller companies. They will be stressing the use of hybrid screening models so people can continue to network while embracing new ways of working.
Festivals
Streaming in the French Riviera: When Will Netflix Return to Cannes?
While Netflix is the first streamer to invest in the financing of French and European films, the platform is not expected to send their own content to the 75th Cannes Festival in 2022. This may be due to an existing festival rule that says all competing movies must have a theatrical release in France. According to the country’s windowing rule, the service would have to wait 15 months after any French premiere to launch a movie on the platform. Previously, France had a 36-month window, but the decreased period still isn’t selling Netflix on a return. The last time the streamer premiered content at Cannes was with Bong Joon-ho’s Okja and Noah Baumbach’s The Meyerowitz Stories in 2017, which incited the rule change. Cannes chief Thierry Fremaux nearly convinced Netflix to participate in 2020 with Spike Lee’s Da 5 Bloods, but the pandemic halted these plans. The festival and streamer hope to compromise soon, but in the meantime, Netflix has had success showing films in Venice and at other European Festivals. The 2021 Cannes edition displayed several critically acclaimed gems, three of which have been nominated for Oscars.
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