Film Studios in Hollywood have lost hundreds of millions amidst the novel coronavirus pandemic. It’s prompted these studios to look towards new formats for releasing their respective films, with Warner Brothers and Universal Pictures entering the VOD market. Movies like The Invisible Man, Sonic the Hedgehog, Trolls World Tour, Emma, Valley Girl, and Ordinary Love have been released to multiple VOD platforms. These films are available for purchase at $18.00 to $25.00 on Google Movies, Apple Movies, Amazon Prime Films, and Microsoft Movies. Film analysts now speculate that VOD will play a substantial role within Hollywood and that cinemas worldwide could struggle to maintain audiences are moving forward.
The most recent film released onto VOD is Scoob, which has reached critical success faster than any of the other properties mentioned above. Scoob was initially slated for its cinematic release on May 15th, with Warner Brothers determining in late April that they’d launch their reboot of the Scooby-Doo Franchise onto VOD. Some speculated that this would lead towards declining revenue for Scoob, with those analysts being incorrect. PR Representatives haven’t revealed the exact finances earned for Warner Brothers from this reboot. Those details won’t be released until the 2nd Quarter Revenues.
It should be noted that films initially released for cinemas while the COVID-19 pandemic became a global issue, have seen faster release dates to digital platforms. This included Star Wars – The Rise of Skywalker, and Frozen Two being released to Disney+ earlier than anticipated. Movies like Birds of Prey saw its digital release while still being in various cinemas worldwide. It should be noted that Hollywood hasn’t ever faced conditions of this nature before.
Considering that Trolls World Tour obtained $50 million during its on-demand opening weekend, the valuations associated with Scoob must be higher. Though profits are earned faster over Video-on-Demand, it doesn’t support prolonged benefits that can exceed the $100 Million mark. Once the novel coronavirus has concluded with a vaccine, global civilians will return to their regular film-viewing habits with cinemas through these cinemas will maintain a classic era of operation, with declining profits forcing them to close certain services.