Warner Bros. announced that it will release its full slate of 2021 films on streaming platform HBO Max at the same time as their release in theaters, citing the ongoing coronavirus outbreak and reduced capacity at movie theaters. The announcement marks a major shift in the traditional theatrical release model and follows related decisions from major studios (including Disney and Universal) earlier this year.
More context: Warner Bros. is the second largest movie studio in the US after Disney. The studio is expected to release several high-profile films in 2021 including Dune, Matrix 4, and a Space Jam sequel.
Extra: The share prices of AMC Theaters and Cinemark dropped by 16% and 22%, respectively, following the announcement yesterday.