Tenet definitely will not release on HBO Max before theaters. Director Christopher Nolan's latest tentpole was supposed to debut earlier this month, but Tenet has been delayed multiple times due to the coronavirus pandemic. After initially pushing it back to July 31, Warner Bros. rescheduled Tenet for August 12, but it's since been pulled from the calendar and a new release date will be announced at a later time. There's been talk Tenet could premiere overseas prior to hitting theaters in America as the studio considers all options.

Throughout the pandemic, select titles have gone straight to on-demand or streaming services, bypassing the theatrical model entirely. That approach has worked out very well for movies such as Trolls World Tour and Palm Springs, but it's never been considered a viable route for the major Hollywood blockbusters that have been delayed. In the past, WB's been adamant Tenet will receive a proper theatrical release, and the studio's reiterated that stance in the latest comments.

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While on a conference call (hat tip Deadline), AT&T CEO John Stankey discussed the prospect of the studio's big-budget productions being released through nontraditional means - specifically HBO Max. He confirmed that is not going to happen with Tenet:

“Is it going to happen with a movie like Tenet or something like Wonder Woman? I’d be very surprised if that would be the case. In fact, I can assure you with Tenet, that’s not going to be the case.”

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This shouldn't come as a surprise, especially since Nolan has long been a champion of the theatrical experience and has spoken about why Tenet demands to be seen on the big screen. But beyond Nolan's personal preferences, putting Tenet on streaming would not be a wise business decision for WB. The film cost $200 million to make before marketing costs are factored in, meaning it needs to have a very fruitful box office run in order to turn a profit. As much as WB wants people to see Tenet, they also don't want to lose money on a sizable investment. HBO Max subscribers would essentially be able to watch Tenet for "free" (paying a small fee to get the service), which obviously isn't the same as individuals paying for theater tickets.

WB could always choose to release Tenet on-demand and charge a premium price for a rental period (or purchase), but that isn't guaranteed to yield the intended results. Though Trolls World Tour reportedly made more of a profit than its predecessor, an industry marketing rep said it wasn't as big of a success as initially believed. That's why movies with modest or low box office potential streamed in living rooms, while Tenet and Wonder Woman 1984 are being saved for the theater. When those movies will be able to play at the multiplex remains to be seen, however, since theaters may largely stay closed until mid-2021.

More: Tenet Missed An Opportunity to Have the Perfect Runtime

Source: Deadline