CineWorld Closing!

[Flair]

I have just heard the news that CineWorld are closing all their cinemas in the UK and the US until the foreseeable future.
I find this quite devastating! I had a job at a cinema when I was a teenager, and I really feel for the people for whom their livelihoods are at risk.
Plus it will have a knock-on-effect for the bars and restaurants close by these cinemas.

But what about the film industry? It obviously relies on cinemas to sell its product!
Let's hope that there is a reversal in fortunes for the industry soon.

 

[ProREC]

Doesn't sound good at all Flair

 

[Madhatter]

Yeah, I mean it’s definitely not a good time for the industry. But I guess many industries are facing similar problems as well. It’s like all of a sudden we finally understand the rationale behind Netflix. Some while ago people are still questioning if ”home cinema” is a good option considering people get distracted easily. But now it seems to be the least affected. Probably Disney is getting an extra punch in the face when Disneyland resorts are closing in many places all over the world.

 

[Flair]

I have just read that CineWorld have called in advisers because it is $8 billion in debt. These figures are amazing! Also, rival company Odeon is moving to week-end only opening.
It is such a shame because people are actually allowed to go to the cinema. Why don't the cinemas show classic films, with a reduced price, to encourage people to go? I for one would be keen on that idea.

 

[Paul Stevens]

Oh, wow, that surprises me. This isn't good news for the industry, is it? Especially not with Odeon also facing problems. Is this all due to the coronavirus pandemic or something else at play?

 

[Raylen]

I hate to see anyone close shop because that means people are out of a job. It's an awful time to be looking for work. I wish them the best.

 

[Len S]

If this industry wants to survive, it's going to have to change its business model. It just has to. This virus is still here, still disruptive and even after we do have therapeutics and vaccines people may still be skittish about doing things in close proximity to a lot of other people.

 

[Flair]

Hi, @Paul Stevens. Basically the reasons for all this are three-fold:
1. All the restrictions the cinemas have to adhere to are making it more difficult for them to be a viable business.
2. New films are having their release dates delayed.
3. Cinema-goers that would usually have a pre-movie meal, or after-movie drinks, are now just not bothering to go out. ( The pubs now have to close at 10pm in the UK. )

Is the 10pm restriction in force in the US?