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سپتامبر 23, 2022

‘Avatar’ returns to theaters as Disney hypes James Cameron’s long-delayed sequel

AvatarSource: Walt Disney StudiosThe Na’vi return to the big screen this weekend as Disney looks to reignite interest in its newly acquired Avatar franchise, three months before the debut of the long-delayed sequel, “Avatar: The Way of Water.”Bringing the highest-grossing film of all time back to theaters has two purposes for Disney: drum up excitement for “The Way of Water” and fill a vacant spot on the theatrical calendar. The sequel is one of four due over the next decade.The rerelease of the original film is a sort of litmus test for whether audiences still want to visit its eco-conscious science fiction world.”Many questions have been asked about the film’s pop culture legacy over the past decade, but we also have to remember that James Cameron has been doubted before and proven many wrong,” said Shawn Robbins, chief analyst at BoxOffice.com.Directed by Cameron, the mastermind behind “Titanic” and “The Terminator,” “Avatar” opened in late 2009 to wide acclaim and massive financial success, eventually earning nine Oscar nominations. But it never captured the cultural relevance that Star Wars or the Marvel Cinematic Universe – both also owned by Disney – have enjoyed. Toy sales fizzled and cosplayers donning heavy blue makeup at pop culture fan conventions have become few and far between.”Naturally all eyes will be on the box office performance this weekend, as this may serve as an indicator of audience interest in the December release of ‘The Way of Water,'” said Paul Dergarabedian, senior media analyst at Comscore.”Avatar” captivated audiences more than a decade ago, in part because of the technology that Cameron helped develop to film and animate the movie. The film was shot using the Fusion Camera System, which was created by Cameron and cinematographer Vince Pace. Academy Award-nominated films like Martin Scorsese’s “Hugo” and Ang Lee’s “Life of Pi” also utilized this camera system.Previous systems used two cameras because filmmakers had determined that the human brain processed different information from different sides of the brain. So, one part of the brain would process the image’s movement, while the other would process what was happening in the image.Set more than a decade after the events of the first film, “Avatar: The Way of Water” tells the story of the Sully family.DisneyCameron and Pace devised a camera that could capture images the same way that a human eye does. The results were breathtaking — just look at the ticket sales. During its initial run, “Avatar” snared $2.78 billion globally. It added additional ticket sales throughout the years through rereleases, and reclaimed the box-office crown from “Avengers: Endgame” in 2021 when it was redistributed in China, topping $2.84 billion.The majority of tickets sold for the film were for 3D showings, which tend to be more expensive than regular tickets. These premium tickets alongside, an extended nine-month run in theaters, helped bolster “Avatar’s” total box-office haul.”We know that IMAX and other [premium format] screens are a major driver for the business now and going forward, but 3D’s popularity in North America waned quickly in the years after the first ‘Avatar’s’ original release,” Robbins said. “With very rare exceptions, 3D simply began to turn off many moviegoers for a variety of reasons — some of which filmmakers can control, but not all.”This “3D gold rush” in the wake of “Avatar,” as Dergarabedian calls it, led to an oversaturation of the market. Many of the 3D releases were conversions of movies that were not well suited for the format and, thus, quality declined and so did interest from audiences.While 3D films have fallen out of favor with domestic audiences, they remain exceptionally popular internationally – especially in China. Indeed, “Avatar” made the bulk of its money outside of the U.S. — a whopping $2.08 billion.”If I’m reading between the lines for this distribution plan, it seems like Disney and 20th Century Studios are gauging the state of 3D’s branding and they may use the box-office results to inform how ‘The Way of Water’ is handled,” Robbins said. “While Cameron will want to push the 3D version for fans who want to see it the way he filmed it for, it’s also hard to ignore the very large audience out there who has never become as enamored with the format as they have with other 2D premium viewing options.”Current estimates for the film’s rerelease range from $7 million to $12 million, with box-office analysts saying a figure in the mid-teens would be “huge.” It’s also facing stiff competition from the historical action epic “The Woman King,” which had a strong opening this past weekend and could be primed for a long, successful run at the box office.”It would be a massive understatement to say that there is a lot riding on the ‘Avatar’ brand and with at least three more filmed installments on the way,” Dergarabedian said. “The rerelease of the original this weekend will be the linchpin for what the future holds for the universe of Pandora and beyond.” .

سپتامبر 4, 2022

Airlines revamp in-flight menus, from vegan meatballs to ice cream sundaes

Courtesy: Singapore AirlinesThe aromas of airplane food are once again wafting through cabins at 35,000 feet.From vegan meatballs to ice cream sundaes, airlines are offering new options and old favorites to woo returning travelers. As the peak travel season fades and inflation weighs on household and company budgets, it’s even more important than usual for airlines to court passengers.Airplane food, a favorite travel punchline for comedians, is hardly the top reason why travelers choose a carrier — price and schedule are much stronger factors. But it can be a creature comfort on board and can go a long way toward winning over passengers, especially those who are willing to pay up for premium seats, analysts say.”Food is one of the most tangible signals of what an airline thinks of its customers,” said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group and a former airline executive.The start of the Covid-19 pandemic halted almost all food and beverage service on flights as travel collapsed and airlines limited crews’ contact with passengers to avoid spreading the virus. The pandemic drove airlines to record losses and had them looking to cut costs wherever possible, such as in-flight food.With travel returning, airlines around the world are rolling out new menu options. Alcohol sales, with some new ready-to-drink options, are back on board in U.S. coach cabins. And face masks are now mostly optional, removing an obstacle to onboard food and beverage service.As tastes change and airlines face supply chain challenges, the meal on your seat-back tray table is making a comeback — with some adjustments.Chasing high-paying travelersBetter in-flight menus can boost a carrier’s image and help it bring more high-paying travelers on board. First- and business-class customers are becoming even more of a prize as airlines try to recover from the pandemic’s financial impact.Because of “the incentive to win those premium class passengers, the incentive to spend more money [on food] is high,” said Steve Walsh, partner at management consulting firm Oliver Wyman in its transportation and services practice.Still, food and beverage costs make up just about 3% of a full-service airline’s expenses, he estimated.Courtesy: Singapore Airlines | American AirlinesWhile food is for sale in many domestic coach cabins and is generally complimentary on long-haul international flights, many of the new offerings target those in premium classes, where there are fewer passengers and service is more elaborate.A plethora of videos have been posted online by airline passengers reviewing meals, plating and service in detail. Popular staples such as Biscoff cookies and Stroopwaffel treats garner loyal followings and come to be expected by many travelers. Missteps on the menu or service are amplified on social media by disappointed travelers.One offering: Delta is serving passengers on long-haul international flights a new sundae-in-a-cup premixed with chocolate, cherries and spiced Belgian cookies called speculoos, which are known in North America as Biscoff cookies.”Obviously it is an homage to the Biscoff,” said Mike Henny, Deltas’ managing director of onboard services operations.In more premium cabins, such as Delta One on international flights, passengers can build their own sundaes with a choice of toppings, including Morello cherry compote, chocolate sauce and speculoos cookie crumbles.Ice cream on Delta Air LinesSource: Delta Air LinesDelta in July said the revenue recovery in premium products and its extra-legroom seats was outpacing sales from standard coach — further motivation to introduce new and exciting food items.Last week, the airline said it is teaming up with James Beard Award winner Mashama Bailey, executive chef of Savannah, Georgia-based restaurant The Grey, for “Southern-inspired” meals on flights out of Atlanta for domestic first-class passengers. Travelers on Delta One flying internationally out of the hub can also preorder menu items curated by Bailey.Airlines for years have teamed up with celebrity chefs to design their menus and lately have been working more with local businesses. In February, American Airlines brought Tamara Turner’s Silver Spoon Desserts’ Bundt cakes on board domestic premium cabins.Veggie and veganEven before the pandemic, airlines were expanding options for travelers who prefer vegetarian and vegan meals. Now, those types of alternative dishes are getting an even closer look.”Pasta isn’t always the solution,” said Delta’s Henny.Singapore Airlines, a carrier that operates some of the world’s longest flights, brought in Southern California-based luxury spa Golden Door to develop dozens of recipes for its in-flight menu. Golden Door’s executive chef, Greg Frey Jr., focuses on vegetable-forward dishes that he says are among the best for digestion on flights.”I think people are, rightly so, concerned they’re not going to feel as satiated with this vegetarian meal and [think] ‘I just need this piece of meat.’ And in the end … you really don’t need that much protein when you’re sitting in an airplane and relaxing,” he said. “It’s not like you’re heavy lifting.”An hour later, you’re not going, ‘Ugh, I wish I didn’t have the meatballs.'”Greg Frey Jr.executive chef at Golden DoorFrey developed a Portobello mushroom “meat ball” dish that’s served with a dairy-free risotto made with vegetable broth. The mushroom balls are steamed and served with an heirloom tomato sauce: “There’s not a lick of meat in there,” he said.”It’s so satisfying and you get all those umami flavors,” he said. “The best part is an hour later, you’re not going, ‘Ugh, I wish I didn’t have the meatballs.'”Supply chain puzzleGreens and salads are among the most difficult dishes to serve on board. Airline chefs have to make sure ingredients are hardy enough to endure transportation and refrigeration, making stronger greens such as kale a better option than some more delicate varieties.”We have to be very choosy about what type of greens we offer,” said American Airlines spokeswoman Leah Rubertino. “Arugula, for example, is not our friend.”The airline is offering salads on more flights compared with before the pandemic, Rubertino said.The airline is also now offering a “fiesta grain bowl” with rice, quinoa, black beans, cauliflower, corn and zucchini as a vegetarian option in many first-class cabins for domestic flights.Airlines have been trying to source vegetables more locally, giving their catering companies fresher ingredients and cutting down on transportation time and costs. Singapore Airlines since 2019 has been using greens from AeroFarms, a vertical farm near Newark Liberty International Airport in New Jersey. Spokesman James Boyd said the airline has plans to source from other vertical farms close to the major airports it serves in the coming years.Vertical farm at Aerofarms in New JerseyLeslie Josephs | CNBCOnce the ingredients are sourced, there’s the challenge of serving meals for thousands of passengers — made only more difficult by broad supply-chain and labor shortages and delicate ingredients.Airlines have struggled to staff in a tight labor market, as have airport catering kitchens and other suppliers.”There’s not a day that goes by where we don’t have issues with provisioning our aircraft with pillows, blankets, plastic cups, food,” American Airlines CEO Robert Isom said on a quarterly call in July.Delta’s Henny said the carrier phased food back gradually to ease strains on service.”We knew we couldn’t just flip a switch,” he said. “We had to be very creative at the height of the pandemic.”As food service expands, airlines are encouraging travelers to order their meals ahead of time so the carriers know what to load on the plane, whether it’s a special meal for religious or other dietary restrictions or just their favorite dishes in first class.Meanwhile, some flight attendants still have to make do with what’s on board.Susannah Carr, a flight attendant at a major airline and a member of the Association of Flight Attendants union, told CNBC that if the crew doesn’t have a vegetarian meal on board for a premium-class passenger, “We might pull some additional salad and make them a bigger salad” and incorporate a cheese plate.”We’ve definitely gotten good at ‘McGyvering,'” she said. .

آگوست 22, 2022

AMC’s new ‘APE’ units are a meme-friendly way to raise cash fast

AMC Entertainment has embarked on a meme-friendly experiment to give a token reward to its retail investor base while also creating a backdoor way to raise more cash down the line.The theater chain’s new preferred share class — called “APE” units — begin trading on Monday after being distributed to shareholders as a dividend last week. “APE” stands for AMC preferred equity.The special dividend seems to be in keeping with CEO Adam Aron’s aggressive marketing efforts to appeal to the retail investors who call themselves “Apes” and have rallied around AMC over the past year and a half.In some ways, the new shares are similar to the benefits of free popcorn and exclusive screenings that Aron has rolled out in recent months.However, the APE units are a corporate finance tool at their core because the shares create a new way for AMC to raise money. When its stock price soared in 2021, the beleaguered theater chain sold millions of common shares to keep itself afloat during the pandemic, but eventually it ran out of its allotment. Shareholders declined to approve additional sales.The initial APE units were distributed free of charge, but the company’s filings say it has the right to sell more of the units in the future — without additional shareholder approval. AMC said it is currently authorized to issue up to 1 billion APE units, and that it distributed a little more than half of that total with the dividend. Aron has made it known that the company could exercise the right to sell the rest to raise cash. “We believe APES should let AMC raise capital, pay debt and do more. Not good news for the doubters,” Aron said in a tweet. And AMC, which reported more than $10 billion in debt and other long-term liabilities at the end of second quarter, may need to raise cash. While there have been some big movie hits this year, and studios are signaling a pullback from streaming-only releases, the U.S. box office remains well below its pre-pandemic levels. Rival Cineworld, which owns the Regal Cinemas chain, said Monday that it is considering filing for bankruptcy.AMC raising additional money through the APE units would not be a surprise on Wall Street. “The creation of the APE Unit provides AMC with a path to raise incremental capital in the equity market. … We suspect AMC will take advantage of its current share price to lower its debt balance,” Citi analyst Jason Bazinet, who has a sell rating on the stock, said in a note to clients on Aug. 15. While the bottom line impact for AMC of the APE units will not be clear for a while, there are details that investors in both the APE units and the common stock should know now. Shares of AMC were down nearly 37% on Monday. Here is an overview of how the dividend process works and what shareholders should know. How the dividend worksThe APE units were distributed as dividends on Friday. In some ways, the unusual move resembles a stock split, where investors get additional stock proportional to every one share they previously owned. Each APE unit may be converted in the future to one common share of AMC, making this move like a 2-for-1 split.In theory, that should knock down the price of AMC’s stock. “It’s effectively a two-for-one stock split and I would expect that once it becomes effective, that the price per share should drop by about 50%. Just as happens normally with a two-for-one stock split,” said Jay Ritter, the Cordell professor of finance at the University of Florida. In this case, however, the two stocks are different classes. The new APE units trade under the ticker “APE,” while the AMC common shares will continue to trade under “AMC.”Once the APE units are distributed, they are no longer linked to the AMC shares and can be bought or sold separately. A document from AMC about the offering says that the APE dividend is not expected to be a taxable event for U.S. investors. However, investors who own partial shares of AMC may receive a small cash portion instead of fractional APE units, which could be taxable. The document also said that some brokerages may take “several days” to transfer the APE units into individual accounts.Bankruptcy considerationsBecause the APE units are preferred equity, there are different rights in a potential bankruptcy proceeding than the regular common stock.In the securities filing detailing the offering, AMC states that the APE units are above the common stock but below debt in the capital structure. That means that APE unit shareholders would get paid before common stock shareholders in a potential bankruptcy. Given AMC’s uncertain future, that discrepancy could cause the share prices of the APE units and the AMC stock to diverge. “It wouldn’t surprise me at all if the APE shares sell at a premium over the AMC common shares … [because] in the event of bankruptcy, the preferred shareholders would have priority over the common shareholders,” Ritter said. Potential dilutionThe issuance of new shares raises concerns about dilution for existing shareholders. This is one of the reasons why AMC shareholders had rejected the company’s previous efforts to issue more common stock.If AMC were to sell additional preferred shares, existing shareholders would see their claim on the assets and potential profits of the struggling theater chain watered-down even further.”AMC still has an upside-down capital structure that has seen a 400% increase in shares outstanding since the start of the pandemic along with its sizable $5.4bn debt load,” MKM Partners analyst Eric Handler wrote in a note to clients on Aug. 5. “The creation of a Preferred Equity Units (APE) class of stock once again provides AMC with dry powder to issue new shares for investment purposes. … The key question though from here is will future share issuances prove accretive or dilutive.”Handler has a sell rating and a price target of just $1 per share on AMC.Aron, for his part, has forcefully pushed back on dilution concerns, pointing out that the initial APE dividend does not change the ownership position for existing shareholders. He has also argued that dilution would be worth it if it helps AMC raise needed cash. “There’s bad dilution and good dilution. If added liquidity gained from dilution is wasted, it’s bad. However, if wisely handled, it is good. Indeed, for AMC in 2021, it was actually great for our shareholders,” Aron tweeted on Aug. 6.The extra cash could be used to fund acquisitions of other theaters, pay down debt or even push into unrelated businesses, like AMC’s 2021 purchase of a large stake in a gold mining company.— CNBC’s Michael Bloom contributed reporting. .