You might recall that, back in July, film studio Universal and cinema chain AMC hatched a deal to shorten the theatrical release "window" for new films from the studio. Now, it has locked in a similar arrangement with Cinemark.
The third-biggest chain in the US has now agreed that Universal can decide to keep movies that make more than $50 million in ticket sales during their first weekend in cinemas for at least 31 days, while those that fail to hit that milestone can be made available via digital rental after 17 days.
It's a different set of benchmarks to the AMC deal, but that might end up shifting to a similar setup. Cineworld, the second-biggest chain is still against the idea, at least at the current terms.
"Universal’s century-long partnership with exhibition is rooted in the theatrical experience, and we are more committed than ever for audiences to experience our movies on the big screen," says Universal's Filmed Entertainment Group chairman Donna Langley. "Mark Zoradi and the team at Cinemark have been outstanding partners, and Peter Levinsohn [Vice Chairman & Chief Distribution Officer, UFEG] has done a remarkable job on the studio’s behalf in making deals that give us the confidence to release our movies in the marketplace, keep the content pipeline moving, and provide consumers with the optionality that they are looking for."
As the pandemic continues to rage in several countries (especially the US), we can expect to see even more of this, especially since it represents a much-needed source of income for cinema chains going forward.