Note: The following is the first podcast episode of my new podcast, “The Chad Whittle Commentary.” You can subscribe and follow the podcast on Apple Podcasts, Spotify, or listen to this episode here. You can read the text version below.
The COVID-19 pandemic has changed some parts of our society forever and it looks like that also includes the movie business.
When Warner Brothers announced they would release all their 2021 new movies on their parent companies HBO Max streaming service it gave the entire industry a collective panic attack.
The industry saw the end of the big profits they make by releasing movies into theaters only but according to a new Morning Consult survey, 90% of the 2,200 U.S. adults surveyed that subscribe to HBO Max said they’d be more likely to subscribe to a streaming service if they could access new movies the same day they are released in theaters.
According to Business Insider, 64% of respondents that are not current HBO Max subscribers said they’d subscribe for new movies as well.
With streaming services increasing in popularity and COVID-19 fears continue for many, the writing is on the wall for the traditional business model of theaters.
Anyone paying attention knew this day would eventually come for movies as technology has advanced.
COVID-19 has just accelerated the demise of theaters.