The top distribution executive at Neon, which handled best picture winner “Parasite,” has expressed guarded optimism that audiences will return when the COVID-19 crisis begins abating.
“People truly want to get out of the house,” said distribution president Elissa Federoff during Monday’s Future of Film Conference at the start of the virtual American Film Market.
She was interviewed by Brent Lang, executive editor of film and media for Variety, a few hours after pharmaceutical company Pfizer said early data from its coronavirus vaccine shows it is more than 90% effective. The news jolted the stock market with the Dow Jones Industrial Average gaining more than 800 points.
“I think the theatrical experience will be back,” Federoff said. “As far as I’ve seen, it is a safe space from all data we’ve seen. It will be healthy again. Hopefully we can do it a little sooner right now.”
The session took place on the heels of a weekend when Focus Features’ drama “Let Him Go” led an otherwise sluggish box office, opening with an estimated $4.1 million at 2,454 locations. Major studios have been reluctant to open major titles and many potential moviegoers have been skittish about venturing into multiplexes.
Federoff said Neon plans to launch romantic drama “Ammonite,” starring Kate Winslet and Saoirse Ronan, in theaters this weekend, followed by a Dec. 4 release on PVOD to help keep it in the conversation as an awards contender. She noted that it’s a similar approach to how the label handled “Parasite” in the months leading up to the Oscars, where it won best picture, best director, best original screenplay and best international film.
“It’s launching over the holidays,” Federoff said. “That’s how we’ve handled prestige films. We’re hoping that it stays in the conversation. We kept people engaged for months with ‘Parasite.’”
The Future of Film Conference also featured a conversation with Mark Gill, president and CEO of Solstice Studios, and Deadline’s Anthony D’Alessandro. Solstice distinguished itself in mid-August when it launched the Russell Crowe thriller “Unhinged” as the first wide release since the pandemic started. “Unhinged” wound up with $20 million domestically and another $20 million internationally, and Gill acknowledged that Solstice had taken a considerable risk.
“Our instinct was that it was going to work and it turned out to be right,” he noted.
He said the continuing pandemic has muddied the prospects for a recovery, adding, “Something has to be done to get the caseload under control. My hope is that it can improve but it’s looking really tough.”
He noted that male moviegoers appear to be less reluctant than women to attend and that the situation has caused major studios to re-think their strategies for upcoming slates — presenting an opportunity for independents like Solstice.
“You’ll see the majors making fewer movies for theaters in the next few years,” he added.