Cinemas to die without Bond
RESCUE MISSION FOR NEW 007 FILM
CRISIS-HIT cinemas are banking on James Bond to save them after a Covid-triggered collapse in trade.
The secret agent’s latest blockbuster, No Time To Die, is expected to be released in mid-November. But experts warn any delay could prove fatal for cinemas battling to survive.
The perilous state of the sector was laid bare when industry giant Cineworld yesterday warned it would have to raise emergency cash if governments imposed tighter Covid- 19 restrictions that forced it to close sites and delay movie releases.
The ditching of a string of blockbusters this year because of lockdowns around the world saw a collapse in audience numbers.
Cineworld, the world’s second biggest movie chain with nearly 780 sites, yesterday posted a whopping £1.3billion half-year loss. The firm, saddled with £ 6.4bn of debt, said further restrictions “would have a negative impact on our financial performance and likely require the need to raise additional liquidity”.
Two more big-name films, West Side Story and Black Widow, have been pushed back to 2021. The only major release since cinemas reopened has been Christopher Nolan’s Tenet.
Russ Mould, of City firm AJ Bell, said: “If No Time To Die gets pulled from its November release date then the cinema industry is really in trouble.” Cineworld warned it could take until 2023 for the sector to recover. Adam Vettese, analyst at investment firm eToro, said: “A lot of the smaller players won’t last that long and even large players will find it tough.”