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Walt Disney Co.’s (NYSE:DIS) strategy of simultaneously releasing films in theaters and on its Disney+ streaming service drew the ire of top film executives from Sony Group Corp (NYSE:SONY) during Monday night’s opening session of the CinemaCon trade conference in Las Vegas.
What Happened: According to an IndieWire report, Sony Pictures Chairman Tom Rothman scored sarcastic points by openly congratulating the release of Disney’s “Free Guy” as a theatrical-exclusive presentation for two key reasons: “Number one, it’s terrific,” he said. “And number two, you can’t watch it at home. Go f**king figure!”
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Josh Greenstein, Sony Pictures' president of worldwide marketing and distribution, echoed Rothman’s view by declaring, “Debuting movies simultaneously in theaters and at home is devastating to our collective businesses.”
Disney did not publicly respond to the Sony executives’ comments, nor does not have executive presentations scheduled for CinemaCon. The studio is using its two-hour CinemaCon presentation slot on Wednesday to screen the new “Shang-Chi and the Legend of the Ten Rings,” which opens in a theatrical-exclusive run on Sept. 3.
Why It Matters: While Disney is not the only studio pursuing the dual-release strategy of theaters and streaming, the studio has come under intense criticism for making “Black Widow” available on the big and small screens.
Last month, the National Association of Theater Owners took the unusual step of publicly criticizing Disney by claiming the Disney+ release of “Black Widow” contributed to a rapid decline in the film’s box office ticket sales. The drop in box office returns is at the heart of "Black Widow" star Scarlett Johansson's lawsuit against Disney, in which she alleges her contract guaranteed an exclusive theatrical release with her salary tied to the box office returns.
Unlike Disney, Sony does not have its own streaming service. Last year, it sold two titles that were scheduled for theatrical release — “Greyhound” starring Tom Hanks and the animated “The Mitchells vs. The Machines” — to Apple Inc (NASDAQ:AAPL) and Netflix Inc (NASDAQ:NFLX), respectively, after the COVID-19 pandemic disrupted its film distribution schedule.
Photo: Scarlett Johansson in "Black Widow," courtesy of Disney.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.