China has surpassed the US for movie ticket sales for the first time, making it the world's biggest film box office.
People watch a movie during an 8-day holiday on Oct. 8 in Taiyuan, Shanxi province in China. The market can rebound only in 2022, possibly growing 23 percent to $9.1 billion. All times are ET.
Sales have so far reached $1.98bn (£1.5bn) for 2020, exceeding the US total of $1.9bn, according to Asian film industry consultancy Artisan Gateway.
Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The industry is not going to rebound even next year, when most blockbusters are supposed to finally hit the big screens, according to the Wall Street analyst firm.
Analysts expect the gap to widen "considerably" by the end of the year, according to The Hollywood Reporter.
In the US, where around 80 percent of movie theaters are open at a capacity between 25 percent and 50 percent, Columbus Day weekend from Oct. 9 to Oct. 12, brought in a mere $8.2 million in sales, led by the kid-friendly comedy “The War with Grandpa” starring Robert DeNiro and Uma Thurman.
Movie theaters are reopening. The gap is expected to widen by year’s end, as major Hollywood movie studios have pulled their big budget holiday releases, such as the new James Bond flick “No Time to Die” and the superhero flick “Black Widow,” starring Scarlett Johansson.
"2020 at the box office will be known as the 'year of the asterisk,' with virtually every known measure and metric for box office performance being completely rethought and recalibrated," Paul Dergarabedian, senior media analyst at. This story has been shared 5,762 times.
China has surpassed the US in movie ticket sales for the first time ever, making it the world’s biggest box office, according to new data. Contact me at firstname.lastname@example.org, EconomyEntertainmentHealthbox officeCinemascoronavirusNetflix. The delays come at a sensitive time for the movie industry which was hit hard by the coronavirus outbreak, as cinemas only reopened less than two months ago after strict lockdowns. Apart from cashing in on the online premiere, for which the company charged $30 in addition to the monthly subscription fee, Disney also managed to boost the user base for the platform. According to Comscore, the 2020 domestic box office has brought in just $2 billion this year. “Despite the lack of major tentpole releases until at least the end of November, we would recommend reaching agreements with their studio partners on alternative windowing strategies to help ease the decision making process for studios to bring back their movies,” the analyst noted. Weekend Domestic Box Office Chart for the weekend of October 9, 2020.
China has surpassed the US in movie ticket sales for the first time ever, making it the world’s biggest box office, according to new … Latest Updates: News | Daily | Weekend | All Time | International | Showdowns Help. This is a list of films which placed number one at the weekend box office for the year 2020.
Andrew Cuomo said cinemas in the Empire State could reopen next weekend with a maximum of 50 people per screen.
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While cinemas in many areas have re-opened, key markets in Democrat-controlled states like New York and California remain closed, which has had a chilling effect on Hollywood studios who remain wary of putting their movies in theaters. The change is being attributed to cinemas in the country staying open - albeit at 75% seating capacity - and China's apparent success in containing the virus. Theaters reopened in the late summer with new safety protocols and health measures, but audiences stayed away as coronavirus cases continued to spread.
“While some may try to point to the studios for not taking more risk or partnering with exhibitors to come to a solution, the reality of the current stock market to hugely value all things streaming is helping convince management teams to more fully embrace the future as seen with Disney’s latest decision to move Pixar’s Soul to Disney+,” Fishman said. Movie theaters were left high and dry after studios recently decided to reschedule their big releases, with Denis Villeneuve’s much-anticipated film adaptation of ‘Dune’ being one of the latest to be pushed back for at least one year. Denmark could use SPAWNING COD to delay construction of Russian gas pipeline to Europe, Apple is now even BIGGER than Saudi oil behemoth Aramco, Apple sued by Chinese AI company for copyright infringement, Exports of Russian oil products to US hit 16-year high, Kuwait is running out of money to pay public salaries, The worst is yet to come: Another 176 mn people worldwide could fall into poverty after pandemic, UN warns, Spain sends message to tech giants like Facebook & Google by seeking new way to tax texting apps, ‘Toxic debt’ is about to bring an end to American ‘game of Monopoly’ - Max Keiser, US suspects $1.3 TRILLION in dirty money may have been laundered through Deutsche Bank over two decades, Trump’s ‘tough guy’ China-bashing is a ‘political movie’ made for domestic American market, Professor Wolff tells Boom Bust, Major banks, food & cosmetics brands linked to massive abuses in palm oil industry – report. “2020 unfortunately now looks like a year where the domestic box office is set to plummet 81 percent,” MoffettNathanson's Robert Fishman wrote earlier this month as cited by the Hollywood Reporter. 11 Oct 2020 The U.S. box office is expected to drop by 81 percent this year as the coronavirus continues to decimate domestic moviegoing, according to new analyst report from MoffettNathanson. That may sound like a lot of money considering that the pandemic has kept movie theaters shuttered for months -- but it's a whopping 76% drop from the same point last year. Disclaimer. Post was not sent - check your email addresses!
Left with nothing to attract moviegoers, the world’s second-largest cinema operator, Cineworld, announced temporary closures of all its screens across the US and UK last week.
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Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The numbers paint a stark picture of how hard the outbreak has hit the US box office, which brought in nearly $11.5 billion in total last year.
Under the agreement, new Universal movies will have just three weekends of exclusivity at AMC cinemas, as opposed to the traditional three months. Major cinema chains have often regarded streaming services as the enemy. Coronavirus forces Americans to do something unheard of: Save money!
“2020 unfortunately now looks like a year where the domestic box office is set to plummet 81 percent,” MoffettNathanson’s Robert Fishman concluded in the report, according to The Hollywood Reporter. We've received your submission. Producers of No Time To Die pushed the film back a second time to April 2021 "in order to be seen by a worldwide theatrical audience". Hollywood's biggest earner is Sony's Bad Boys for Life at $426.5m (£355m), with the US market continuing to be hit by studios pushing back releases and postponing production. All rights reserved. 2020 looks to be no different, with one notable exception: There will be no Star Wars film to give the box office that end of year bump. Neil deGrasse Tyson warns asteroid could hit Earth day before election, Hundreds of thousands of doses of COVID-19 vaccine roll off production line, Jim Carrey finally gets laughs on 'SNL' while Alec Baldwin treads water, Lily James cancels 'Today' show appearance amid Dominic West drama, Joe Biden's polling lead slips in wake of Post report on Hunter. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. China overtakes US as world's biggest movie box office in 2020, Chinese cinemas have been bolstered by hit domestic films like Second World War drama The Eight Hundred, Several big Hollywood film releases have been delayed - including the latest Bond.
North America has traditionally led the way in dominating box office sales, but the COVID-19 pandemic appears to have accelerated the shift towards China - the world's most populous country. The studio will then have the option of makes its movies available for digital streaming at home.
Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. The disappointing domestic release of Tenet has prompted studios to delay many of their tentpole releases to 2021. The US … But in July, Universal struck a deal with AMC Theaters that has the potential to upend the industry. Do Not Sell My Personal Information, Your California Privacy Rights
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