Thursday, August 18, 2022
Published 2 Years Ago on Thursday, Jan 21 2021 By Adnan Kayyali
A recent report predicts a hopeful trend for the cinema industry after Covid-19 after revenues took a crippling 95 percent dive in the past year. Since movie theaters stopped being an option for weekend outings and entertainment, Box Office films saw a devastating drop in ticket sales across the board.
It is partly due to the vacuum left behind by movie theaters and box offices that has led to video streaming giants such as Amazon, Netflix, and Disney + take off. The world has seen an unprecedented demand for video streaming subscriptions, turning living rooms into home theaters with increasing ease.
The three companies account for more around half of all paid video subscriptions worldwide, excluding China. Netflix holds the top position, followed closely by Disney, and Amazon.
A report by Omdia, however, is hopeful that this is not the end, but a new beginning for cinemas and movie theaters.
A slow and methodical recovery is awaiting the cinema industry after Covid-19 as the vaccines reach more people, lockdowns slowly ease, and people’s desires to see movies again grow louder.
Experts forecast that movie revenues in 2021 will climb to around $19 billion, a 106 percent increase. Still, revenues will not return to pre-pandemic levels until 2024, reports say.
There will likely be certain segments of people who will shun movie theaters for a long time as they grew accustomed to online home entertainment. However, the regular movie goers will be itching to return to theaters and relish the snacks, company, big screens and loud speakers.
But until the movie theaters return to normal, people will settle for the home theater.
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