September 9, 2020
AT&T CFO John Stephens was one of many U.S. moviegoers who donned a mask and watched Christopher Nolan’s Tenet at the movie theater over the Labor Day weekend. The movie has generated about $150 million at the global box office despite continued theater shutdowns in key markets such as California and New York.
Speaking Sept. 9 on the virtual Bank of America Media, Communications and Entertainment confab, Stephens reiterated WarnerMedia’s ongoing support for the theatrical window — a stance undermined in recent months by the Walt Disney Co.’s decision to embrace premium video-on-demand for the live-action Mulan remake and Universal Pictures’ decision to entertain PVOD and theatrical releases for all new major studio films.
Stephens said a movie on the scale of Tenet plays best on a large screen rather than in a consumer home. Indeed, more than 50% of the movie’s $20.1 million Labor Day weekend domestic box office occurred at Imax screens, the biggest of the big screens.
“I couldn’t have imagined being able to see [Tenet] and enjoy it in the same way here in my home,” Stephens said. “We understand the distribution model is going to evolve … so we’re going to continue to look at [PVOD], but in no way do I want to imply that we’re not going to continue to work with those theater owners.”
Tenet is on track to equal last year’s It: Chapter Two, which generated $211.5 million at the domestic box office for Warner to finish 2019 in the No. 10 spot, just behind the studio’s Oscar-winning Joker with $333.7 million.