Effect Of Coronavirus On The Movie Industry: Dropped More Than 45%
Coronavirus has not only disturbed the major leagues and the stock market of the United States, but it also has changed the lives in Hollywood.
Amid the threats of COVID-19, Hollywood’s Box Office has plunged to the lowest level in the time period of over two decades.
Box Office Dropped By More Than 45% Due To Coronavirus
The United States of America is on a halt. Almost all the public is quarantined, and the entertainment world, including theaters, theme parks, movies, and TV shows are in a hiatus break and stopped their production.
The movie world took an indefinite break after the ticket sales in North America hit their lowest levels in more than two decades. As per a source, the ticket sales only generated $55.3 million in a week from Friday to Sunday.
The same site cited that the box office numbers have not dropped this low since 15 September 2000. According to Comscore, the numbers have plunged 45% on the weekend.
A senior media analyst of Comscore, Paul Dergarabedian, said, “The impact of this unprecedented situation was apparent across many industries. Of course, movie theaters, amidst reduced capacity and an ever-evolving set of circumstances, had a very challenging weekend.”
One of the major reasons behind the plummet is reported to be the cut off of the audience by 50% from big movie theater chains like AMC and Regal. Other several theaters and multiplexes such as Arclight and Alamo Drafthouse have reduced its capacity by more than 50% in order to avoid crowding and Novel Coronavirus.
Moreover, cinemas even reduced the amount of tickets sale, raising awareness about social distancing collaborating with the Center for Disease Control and Prevention.
In total, the movie industry in the United States managed to earn only a few multi-million dollars. In the previous week, Pixar’ Onward starring Tom Holland, Chris Pratt, Julia Louis-Dreyfus, and Octavia Spencer topped the domestic box office list pulling around $10.5 million. And after two weeks of the release, Onward has made $101 million globally.
Similarly, other movies like Vin Diesel’s Bloodshot brought $13 million in North America and $24.4 million globally.
What About Other Movie Industry?
In the United States, most of the theatres were open, although its audience was decreased by half.
On the other hand, in highly infectious countries like China, South Korea, and Italy completely or partially shuttered down the multiplexes for weeks after being significantly impacted by COVID-19.
The mass closures have resulted in the loss of billions of dollars in revenues, stock exchange leading to the global economic downfall.
Will The Cinema Industry Rise Again?
A reliable source Variety reported:
Studio executives and media analysts recognize the global box office is in uncharted territory, with crucial developments unfolding at a rapid pace.
The site further cited; Even so, many remain optimistic that the movie business will be able to rebound.
Universal president of domestic distribution Jim Orr said, “These are unique circumstances. But without a doubt, we will get to the other side. The domestic box office will be back, and just nobody has a real answer as to when.”