European Cinemas Lose At Least $20B To Pandemic

The COVID-19 epidemic will cost European movie theaters at least $20 billion in 2020–2021, says The Hollywood Reporter, citing information from the International Union of Cinemas (UNIC).

As stated by UNIC representatives, the closure of theaters by authorities and subsequent coronavirus bans, including capacity restrictions and mandates to wear masks during the show, caused the worst effects on the operation and profits of cinemas in the European Union and the United Kingdom.

Box office revenues in Europe, which reached a record $9.3 billion in 2019, dropped drastically to $2.8 billion by the end of 2020, according to UNIC. The box office in 2021 pulled in $3.9 billion for European and UK theaters, which is 70% less than it did in 2019 before to the epidemic.

By the end of 2022, according to UNIC analysts, box office revenue may reach pre-pandemic levels. This is due to the relaxation of coronavirus limitations in the majority of European nations and an increase in releases from large studios. According to Gower Street Analytics, box office revenue in Europe might total $8.1 billion this year.

source: hollywoodreporter.com

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