Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021
News Every Day |

North American box office suffers 40-year-low revenue as credits roll on 2020

North American box office suffers 40-year-low revenue as credits roll on 2020

As the COVID-19 pandemic continues to impact everyone's daily life, even Hollywood has discovered it isn't immune to the economic consequences of the virus.

According to Comscore data cited by The Associated Press, the North American box office suffered a 40-year low in 2020. Domestic ticket sales generated about $2.3 billion, compared with the previous five  years, in which annual revenue exceeded $11 billion each year.

According to estimates, global movie ticket sales will be down as well, coming in between $11 billion and $12 billion. This is significantly lower than 2019’s $42.5 billion.

With many theaters forced to close in compliance with state lockdown restrictions, these numbers aren't unexpected.

Many theaters also missed out on the summer movie season’s lucrative profits, as that time of year typically accounts for about 40 percent of annual earnings.

In 2018 and 2019, summer films netted over $4.3 billion in profits each year. In the summer of 2020, however, an abysmal $176.5 million was brought in, much of it from drive-in theaters.

“The drive-in became the hero of the summer,” said Paul Dergarabedian, a senior media analyst with Comscore.

As NBCUniversal reported, another way Hollywood sought to keep money coming in last year was to make movies available to watch at home on the same day as their worldwide theatrical releases.

Universal was the first studio to do this by making “Emma,” “The Hunt,” and “The Invisible Man” available for a 48-hour rental period at a suggested price of $19.99 through on-demand streaming services.

According to Deadline, however, most studios have opted to delay major film release dates until the traditional movie-going experience returns.

While theaters in New York and Los Angeles remained closed, other states did start to reopen them late in the summer, albeit with limited capacity and screenings.

As Box Office Mojo reported, this has added a lot of variety to 2020's list of box office rankings.

Two of three movies released before the shutdowns were at the top -- "Bad Boys for Life," released on Jan. 17 ,was No. 1 -- but a few post-shutdown and even some retro releases ranked high on the list.

To media analysts such as Dergarabedian, this is a positive sign for the movie industry.

“The silver lining for movie theaters is even though people had unlimited options at home, people still sought out the movie theater,” Dergarabedian told The Associated Press. “People have a desire to go outside the home and be entertained. That desire hasn’t changed, but the ability to do that was profoundly limited.”

Jim Orr, president of domestic theatrical distribution for Universal Pictures, however, noted this might make it difficult to determine whether audiences attended openings as a result of film quality or simply the desire to leave home.

“The instant gratification that we used to be able to deliver on Sunday mornings after opening on a Friday?" Orr said. "It’s probably not going to happen again for quite some time."

Orr remains optimistic that, as vaccine rollouts continue, the general public will return to the theater, ensuring long-term survival for the movie industry.

This article appeared originally on The Western Journal.

The post North American box office suffers 40-year-low revenue as credits roll on 2020 appeared first on WND.

Read also

Three Wednesdays In January

Netizens Buzz as Hillary Clinton's Studio Entitled to Make Series on Kurdish Women Fighters in Syria

Overseas hackers stole over $11 bln unemployment funds: California official

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here