WarnerMedia CEO Says The Company Is "Rethinking Our Theatrical Model” Amid COVID-19 Crises
Following the announcement that Scoob! will skip theaters and head straight to VOD, WarnerMedia CEO John Stankey says the company is now "rethinking" its theatrical model. What does that mean for WW 1984?
The coronavirus pandemic essentially putting the world on lockdown has obviously had a major impact on Hollywood and all aspects of film production, and it's resulted in most major studios sending some of their planned theatrical content straight to streaming.
Yesterday, Warner Brothers announced that Scoob! would now debut on VOD, and WarnerMedia CEO John Stankey said on Wednesday that the pandemic has the AT&T-owned entertainment company “rethinking our theatrical model.”
During AT&T’s Q1 earnings conference call, Stankey said that while the studio fully intends to resume functioning as normal as soon as possible, the COVID-19 outbreak "will change many things" moving forward.
“We’re evaluating our product distribution strategy, relooking at volumes and the required support levels we need in a down economy,” he continued. “We’re rethinking our theatrical model and looking for ways to accelerate efforts that are consistent with the rapid changes in consumer behavior from the pandemic.”
Stankey then cited Scoob! skipping theaters as one example of the “new normal.”
What does this mean for upcoming releases like Wonder Woman 1984, Dune and Tenet? They are all currently still scheduled to hit theaters this year, but Stankey's comments could well be a precursor to an announcement informing us otherwise.