*Warner Bros. announced Thursday that it will release its full 2021 film slate online for a one-month period each, exclusively on HBO Max.
Each of the films will be simultaneously released in theaters and available to stream for a limited time.
The move comes as movie theaters continue to take a hit amid the COVID-19 pandemic. As reported by NBC News, “AMC shares dropped more than 15 percent, while Cinemark was down 14.5 percent,” the outlet writes.
Here’s more from MSN:
According to AMC, 494 of its 598 theaters are open. But locations in California, Maryland, New York, North Carolina and Washington, which would normally generate a quarter of the company’s annual revenue, remain closed.
AMC hopes to reduce financial losses by raising cash and cost-cutting measures. For example, AMC is seeking to renegotiate building rents with landlords and considering taking out a loan. Over the last 12 months ending in June, the company reported a net loss of $2.8 billion on revenue of $3.7 billion.
“There is a significant risk that these potential sources of liquidity will not be realized,” the company said.
Meanwhile, when it comes to Warner Bros. upcoming titles, after the one-month period on HBO Max, the films will be taken off the platform and continue to screen in theaters in the U.S. and internationally, the report states.
The first movie set for release is “Wonder Woman 1984,” which drops later this month. The 2021 titles are “Godzilla vs. Kong,” “Tom & Jerry,” “In The Heights,” “Space Jam: A New Legacy,” “The Suicide Squad,” “Reminiscence,” “Malignant,” “Dune” and “Matrix 4.”
“We’re living in unprecedented times, which call for creative solutions, including this new initiative for the Warner Bros. Pictures Group,” said Ann Sarnoff, chair and CEO of WarnerMedia Studios and Networks Group. “No one wants films back on the big screen more than we do. We know new content is the lifeblood of theatrical exhibition, but we have to balance this with the reality that most theaters in the U.S. will likely operate at reduced capacity throughout 2021.”