Insiders laud the strength of the lineup on the Lido this year, but the resurgence of COVID-19 and the spread of the delta variant has many worrying about when the theatrical film business will return to full strength: 'Everything is still up in the air.'
The trepidation comes from concerns that the resurgent coronavirus, particularly its highly contagious delta variant, could force theaters, which have begun to reopen worldwide, back into lockdown.
“Distribution has come back, but business is a lot softer than it was; no one is sure what the future of theatrical looks like right now,” says Stefano Massenzi, head of acquisitions at Italian distributor Lucky Red. “I’m excited going into Venice — and optimistic — but a lot is still unclear.” The murkiest aspect of the international film business remains traditional theatrical distribution. Reduced-capacity requirements in many territories has kept box office down — results in the U.K. and Japan have been roughly half their pre-COVID levels — and uncertainty surrounding the delta variant is making it harder for buyers to know what to expect from a future cinema release.
“It’s all very different from country to country, and that can have an impact on prices,” says Jean-Christophe Simon, CEO of production and sales group Films Boutique. “For very commercial projects, there is still a very strong market, but for more art house films, we have a problem of a backlog because so many distributors have films they bought one to two years ago that they still haven’t released.”Don’t expect the streamers to pick up the slack, either.
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