The Impact of COVID Pandemic on Global Box Office

Covid-19 has hit all industry verticals & Cinemas has got the brunt. The global film industry has suffered a lot of revenue loss amounting to several billions of dollars. As a result of this global pandemic, theaters around the world are closed, movie premieres got postponed, screenings got canceled and box offices got closed, the movie industry has lost several billion dollars in revenue.

As per the estimates view, in 2019, the international box office generated a revenue of $31.1 billion, with the estimated worldwide box office revenue being $42.5 billion, likewise an all-time high. However, this celebration is short-lived & has quickly been replaced by the massive loss caused by this global pandemic. As the movie theaters got shuttered the global box office has dropped by billions of dollars, and at the same time the streaming platforms rose to popularity.

 

The Chinese Box Office is No Exception:

The Chinese box office is no exception and has lost a whopping U$$2billion by March 2020. Eight Hundred, which minted $468 million worldwide, is the highest-grossing film of the year & this is the first instance since 2007 that the highest grosser has earned revenue which is less than $1 billion.

 

Blockbusters Got Postponed:

Many blockbuster movies around the world that were earlier scheduled to in the midterm of 2019 have been postponed, with film productions also halted. Bollywood producers have also postponed releasing big ventures like Sooryavanshi starring Akshay Kumar and 83 starring Ranveer Singh.

Just recently, film production resumed in many countries by adopting remote-work protocols. Several big production houses have stated that they are starting to re-commence production which was of course halted by Covid-19.

 

 

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