There we go. Pre-COVID, Disney had moved many films from theatrical release to Disney+ premieres.

This is the biggest, by far.

Alternative isn't just moving to 2021, but a ruthlessly dense 2021 calendar https://twitter.com/Variety/status/1246144291325566978

2/ There has always been this belief in "PVOD" as an inevitability. This was renewed during COVID.

I think we missed the window where it could have been a thing. We're beyond it. More value skipping higher priced, one-off home video rentals to drive long-term subscriptions

3/ In this sense, the theaters "won" by preventing PVOD from becoming a thing for years. Maybe forever.

But they would have shared in PVOD revenue.

They'll get nothing here.

4/ Quick Math:
- Box office doesn't really flex to quality of annual slate (maybe ±2%)
- H2 2020 to 2021 will probably sell 5-10% fewer tickets just from holdover COVID fears
- H2 2020 to 2021 probably has 30% denser blockbuster slate

Every film going to take BIG haircut