The production budget for Tenet is reported to be $200 million or more. Marketing for a release like this could easily reach $150 million. While there are multiple revenue platforms after a theatrical release, the studio is counting at least on $400 million-$500 million in ticket sales.
In an interview with Variety, National Association of Theater Owners president John Fithian said he was disappointed with the decision and hopes other studios keep their plans. He holds that studios should release their films in all theaters that legally are able to open. “They should release their movies and deal with this new normal,” he said. “Studios may not make the same amount of money that they did before, but if they don’t start distributing films, there’s going to be a big hole in their balance sheets. This is a $42 billion-a year business. Most businesses would take 85% of that instead of zero.”
Warner Bros chair Toby Emmerich said: “We are not treating ‘Tenet’ like a traditional global day-and-date release, and our upcoming marketing and distribution plans will reflect that.”
Those parts of the world that are ready to see “Tenet” in theaters may get that opportunity, and the U.S. theaters might have to wait.
Tenet, like former Nolan’s films, have eager global anticipation, a plot that’s largely kept secret, a huge budget, and high risk of piracy.