How Long Can Movie Theaters Stay Open?
The good news for Disney (NYSE: DIS) is that Onward -- the media giant's latest theatrical release -- was the top draw at the box office for the second consecutive week. The bad news for Disney is that the film has also set a new low-water mark for the second week in a row.
The $39.1 million in domestic ticket sales that it delivered in its opening weekend was the lowest tally for a Pixar release in more than a decade. This time around, it saw its ticket sales plummet a colossal 73% since the prior week, and the gross receipts of the top 10 films is the movie industry's lowest sum for this weekend in 25 years.
These are unusual times given the coronavirus outbreak and the measures necessary to contain COVID-19, but the industry was reeling well before the threat of a major pandemic. AMC Entertainment (NYSE: AMC), Regal parent Cineworld (LSE: CINE) (OTC: CNWGY), and Cinemark (NYSE: CNK) have experienced sharp stock declines over the past year, but things are about to get worse. It's just a matter of time before they shut down their projectors, and not all of them may come back when the coast is clear.
Source Fool.com
