Home Business News Box Office plummets by 92% as global industry drops to $6.4bn

Box Office plummets by 92% as global industry drops to $6.4bn

by LLB Finance Reporter
23rd Sep 20 8:59 am

According to the research data analyzed and published by StockApps.com the global box office industry’s receipts plummeted by 92% year-on-year (YoY) as of August 2020.

Data from Gower Street estimated its worth at $6.4 billion as of July 2020. Notably, the three-year (year-to-date) YTD average value stood at $27.2 billion at the time.

2020 global Box Office could gross $5.64bn, down from $42.2bn in 2019

Gower Street research reveals that in August 2020 alone, the box office industry generated over $1 billion. This amount is double the cumulative total collected between April and July 2020.

In comparison though, the average August score for the past three years stands at $3.5 billion. The same source estimated a total loss of -$20.7 billion for the global industry as of August 31, 2020. On the bright side, the market share of open cinemas by the same date was up by 72%. During the previous month, the figure was only at 48%.

Moreover, based on research data from S&P Global, the industry could make anywhere from $5.64 billion and $9.03 billion in 2020. It would be a drastic drop from the 2019 record of $42.2 billion. After a five-month hiatus, US movie theatres reopened, and Tenet was among the first big blockbuster releases. However, it only grossed $20.2 million in its first weekend in the US.

The APAC was one of the worst-performing regions globally during H1 2020, reporting a 92% decline. During the period, it only grossed $603 million, a pale shadow of its annual average of $17 billion. China led the free fall with a 98% drop. However, it seems to be leading the global recovery. According to Gower Street, it needed to generate $184 million weekly for a full recovery post-COVID. In the week starting on August 21, it made $252 million, a figure that accounted for a third of all ticket sales in 2020 YTD.

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