China Box Office: The coronavirus pandemic has taken a huge toll on the lives of the people across the globe. Apart from the tragic deaths, several business sectors have been severely affected and cinema is one of those. China, from where the outbreak took place, is said to suffer a major blow in the cinema business owing to theatres’ shutdown. The country is amongst the top 3 markets of movie revenue.
The China Film Administration has analyzed all the losses the box office will suffer in the current year due to COVID- 19. It is estimated that the revenue will suffer a blow of around $4.2 billion in 2020. Meanwhile, during 2019, the box office generated a revenue of around $9.2 billion.
Apparently, the cinema halls in China are observing a shutdown since the 23rd of January, thus spoiling the lucrative period of Chinese New Year (Jan 24-30) and May Day holidays (May 1-5). Earlier, it was learnt that some theaters have been re-opened. It is now being said that in theatres will most probably re-open in June, across the entire country.
Earlier, as per Comscore, the sale of the China box office got hit by around $ 1.91 billion during January and February 2020. During the same period in the last year, the business was recorded around $ 2.148 billion. Around 70,000 theatres remain closed during the month of January.