UK Distribution Stalwart eOne Shutting Down Theatrical Operation As Hasbro’s Global Cuts Continue To Bite
20.07.2023 - 13:05
/ deadline.com
EXCLUSIVE: Hasbro’s reshaping of eOne continues with multiple sources telling us that the latter will cease theatrical operations in the UK.
There will be staff reduction in the UK, which were factored into the cuts we’ve reported on in recent months. Hasbro’s cost-cutting plan, announced in January, involves shedding 15% of the company’s global workforce this year, or about 1,000 positions.
Hasbro declined to comment on the move to end UK theatrical.
This is the latest bitter pill to swallow in a UK market whose distribution landscape has been hammered in recent years.
Hit by Covid and inflation, as well as grappling with shifting viewing habits and strain on infrastructure, the sector hasn’t yet recovered to pre-pandemic levels. Last year, box office was almost 30% down from a few years ago and polarisation increased to its highest level in more than a decade with the top 20 movies accounting for 64% of the total box office. The top 34 movies all came from the five major U.S. theatrical studios.
Not too long ago, the UK distribution scene was competitive and relatively diverse, but at markets now many international sellers tell us they barely factor the UK into their sales estimates because it has become so challenged.
eOne’s demise is a case in point. Less than a decade ago, the company was theatrically releasing 35 films a year in the UK, many of them sizeable studio and indie fare. After huge success with the Twilight franchise, the company saw more big gains for Oscar winners such as 12 Years A Slave, Arrival and Spotlight. Just three years ago, the company scored its biggest ever success in the territory with Oscar winner 1917, which took $57M.
But last year, eOne released only four movies theatrically,