According to the company’s CEO, Sony Pictures has seen a “bit of a boom” in the interest of Hollywood creatives who want to collaborate for a studio dedicated to theatrical releases.
The uptick in curiosity comes only after WarnerMedia revealed that HBO Max would debut its 17 movies scheduled for 2021 on the same day they hit theaters. In an age where the return of theaters remains unclear, the change makes sense for WarnerMedia executives struggling to find out how to strengthen subscriptions for its upcoming subscription service and release movies.
The group sold Tom Hanks’ Greyhound to Apple for $70 million earlier this year, while Sony was able to sell a title to a streamer, CEO Tony Vinciquerra told CNBC the company remains committed to more conventional launches.
“The real benefit has been the number of incoming calls from talent to us saying, ‘We want to be doing business with you because we know you’re a theatrical distributor and producer,’” Vinciquerra said. “That has actually worked very well for us.”
Since Sony Pictures does not have a big subscription service, one important reason Vinciquerra will commit to theaters is. Therefore, before switching to other outlets, its blockbusters will continue as theatrical exclusives. In the moving moment of the industry, Sony sees certain advantages. Executives prefer a more versatile duration of release, preferably aiming at exclusivity in theaters for 30 days. Most movies actually play solely for up to 90 days in theaters.
Sony has more room on the calendar to find out when to lower the smaller number of blockbusters to produce the most revenue, with WarnerMedia giving people in the US the opportunity to watch at home, and Disney shifting some of its titles to Disney Plus exclusively. In 2021, where there is already a blockbuster planned virtually every week, having more freedom within the calendar is particularly important.
“When we dated [Once Upon a Time in Hollywood], I knew a year in advance because it was the second week of Lion King, that absolutely positively [Once Upon a Time] would not open at number one,” Tom Rothman, Sony Pictures Chairman, told The Hollywood Reporter in late 2019.
None of this means Sony is immediately going to become the largest studio in the world, or the only position directors want to work. When delivery techniques adapt, so do contracts. Disney and Warner Bros. will presumably once again dominate the box office as the world enters a post-pandemic era, and people go out to watch movies. In 2019, at the worldwide box office, Disney raised $13.15 billion, accounting for more than 50 percent of the market share. With $4.4 billion, Warner Bros. came in second and Sony trailed with $3.5 billion.
What Sony’s dedication does mean, though, is that the studio has a huge edge in filmmakers like Christopher Nolan and Dune director Denis Villeneuve, all of whom have openly opposed WarnerMedia’s move. Disney, WarnerMedia, and, to a certain degree, NBCUniversal would deem their expensive and glossy digital services in need of endless new content, while Sony does not.
Sony is betting on theaters and talent to propel his company. It’s not new, but when other businesses concentrate on streaming, it’s particularly visible.
