Charlotte is set to lose another movie theater as Philips Place closes its doors. The Phillips Place theater first opened its doors on November 15, 1996, under Charlotte-based Consolidated Theatres; however, in 2005, Regal Cinemas purchased it. Its luxurious nature has drawn in many customers. Though unfortunate, this is not the first theater that has closed and certainly will not be the last.
The COVID-19 pandemic has devastated many businesses, including movie theaters. As people try to avoid getting sick and stay home to watch their favorite movies, theaters pay the price. The impacts of COVID-19 have been devastating on Regal Cinemas, an American movie theater chain headquartered in Knoxville, Tennessee. The pandemic left the company near bankruptcy. As the spread of COVID- 19 worsened, the theaters were left empty. Despite their efforts, the company has not been able to gain economic stability leading them to shut down more than just the Philips Place location.
The pandemic has greatly impacted not only the regal movie theaters but also the AMC movie theaters. Despite being the largest chain of movie theaters in the United States, it is said that AMC theaters founded in 1920 reported a net loss of $4.6 billion in 2020. The following spring, the company had to close nearly 1000 movie theaters to stay somewhat stable. Despite this economic instability, the company is hopeful as they open its doors again. According to a statement from Variety, the CEO of AMC, Adam Aron, said, “As we sit here today, we see that vaccinations are occurring in the United States at a brisk clip, our theaters in New York City have finally opened with theaters in Los Angeles likely opening shortly as well, blockbuster movie titles are currently scheduled to be released in significant quantity in the coming few months, and we have more than $1 billion of cash on hand. Taking these facts together, we have reason to be optimistic about AMC’s ability to get to the other side of this pandemic”. This demonstrates that despite taking a significant fall, the company was able to rise again as it plans to open its doors.
When discussing the fall of movie theaters, we must also talk about the rise of online movie streaming apps and websites. Platforms such as Netflix and HBO Max have made it easy for individuals to enjoy the latest movies and TV shows in the safety of their homes. These platforms are also more cost-efficient as you can get a monthly subscription rather than having to pay for each movie. With new media such as Amazon Videos that allow people to purchase the latest movies, people no longer have the desire nor the excitement to visit a movie theater to watch the latest film that is released. Along with the COVID-19 pandemic, these platforms have played a massive role in decreasing the popularity of movie theaters and ultimately leading many locations to shut down.
Even before the spread of this deadly pandemic, movie theaters were becoming less and less popular. Many platforms such as Hulu now offer the option to watch live sports, something that is not offered in movie theaters. This shows that not only have online streaming networks become cost-efficient and convenient, but they have also allowed viewers to have more options. Online streaming networks are also a way for busy individuals to enjoy movies. Going to movie theaters can often take much more time than is available. It is much easier just to play a movie on your phone and pause it wherever you would like. The fall of movie theaters is a contribution of COVID-19 and the rise of online streaming networks.