Disney’s decision to bypass cinemas and offer its latest big budget film Mulan directly to streaming subscribers for $29.99 could signal the beginning of the end for the traditional movie-going experience.
The surprise move has stunned cinema owners, who had been banking on the film, along with Christopher Nolan’s sci-fi thriller Tenet, to jump-start box office takings as theatre chains struggle to recover from the coronavirus pandemic.
The move is seismic given Disney’s utter dominance of the worldwide box office – the company made a record $13.2bn in ticket sales last year – with cinema owners believing it would be the last Hollywood studio to look at threatening the 70- to 90-day exclusive “theatrical window” they have enjoyed at the top of the pecking order for newly released films before they head to other platforms.
The Hollywood studios have used the pandemic to experiment with more digital-first output, though to
The Bank of England has said it expects the UK’s economic slump to be less severe than first feared, but it could take longer to bounce back from the coronavirus crisis.
The central bank revealed its latest forecasts as it held interest rates at 0.1% after its nine-strong Monetary Policy Committee (MPC) voted unanimously.
It improved its “indicative projection” for growth in the economy, predicting that GDP will shrink by 9.5% this year, following an unprecedented intervention by the government aimed at safeguarding businesses and jobs from the impact of the COVID-19 crisis.
While that would be the worst performance in 99 years it is less severe than the 14% plunge in the Bank’s May scenario, which would have been the worst in more than three centuries.
However, it also warned it does not expect the economy to return back to pre-coronavirus levels until “the end of 2021”.
For the entirety of my professional life, I extensively reported on the people who led some of the world’s most successful companies and many pioneering entrepreneurs. I often would joke that most business and economic reporters would not be able to run a lemonade stand or a shoeshine stand (something I have actually done in my teenage years) on a busy street corner. Now, I had taken the big step to run websites on the world’s cluttered and noisy Internet.
I had never had to manage a real P&L, recruit and hire people I would pay out of my own pocket, or think about the strategy and differentiation of my own company and its products. I never had to directly pay for health care benefits, 401(k) plans, payroll taxes or deal with regulatory filings for full-time employees in New York, Canada, Arizona, Iowa, North Carolina, and California, where the business