The situation in which the world finds itself today has hit several industries particularly hard, but the film industry is there. Cinemas all over the world were closed for a few weeks and Hollywood even left the month of June completely, so that this year’s big top shows could take place at the end of 2020 or 2021. At the same time, even in the best-case scenario, the world’s treasury threatens to collapse this year.
According to the new report, under the most optimistic scenario, assuming that all U.S. theaters reopen within two months of the first closure, revenues could exceed $7 billion, a 40 percent drop from the $11.4 billion national box office in 2019. This is the result of a study conducted by Gower Street Analytics. The theatres are likely to remain closed for about three months and, assuming that people continue to go to the movies as before, revenues after the reopening are expected to be between $6.3 and $6.8 billion.
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The world’s not going well. Theatres in China have been closed for months. As the second largest offshoring nation in the world, that hurts. Most countries in the world have followed this example and in recent weeks the till has not played any role anymore. In 2019, global fundraising reached a record level of 42.2 billion dollars. Preliminary estimates range from $22 to $25 billion for 2020 as a result of the closure. This is at least a grim scenario that could easily become much, much worse.
A few basic names, like Tenet Mulana and Tenet Christopher Nolan for July, but only if the theatres open their doors again by then. Even if this is the case, surveys show that people go to the movies less often than they were accustomed to before the movie closed. Also some of the biggest blockbusters expected this year, such as F9, Minions : Rising Gru, Morbius and Ghostbusters: Life after death is postponed until 2021. Other major releases, such as Black Widow and No Time to Die, have been postponed to November, while many others remain without new release dates.
One of the biggest problems can be the stability of cinemas in general. It has recently been reported that AMC theatres may not be able to withstand a storm if closure takes too long. Other theatre chains are probably in similar boats. And if the public avoids cinemas, even if they are allowed to work again, this can be a serious problem. Not only for the exhibitors, but also for the studios, which depend on cash registers for many of these expensive blockbusters to earn back their investment. It’s gonna be a bumpy ride at best. This news is coming to us through a Hollywood reporter.
Author of various things online (mostly about movies) since 2013. The biggest fan of popcorn movies. An avid connoisseur of James Bond, Marvel and Star Wars. He has an incredibly fat cat named Buster and he always buys CDs. I have my reasons.