According
to data presented by Stock Apps, global box office revenues amounted to $12bn
in 2020, a catastrophic $30bn plunge in a year.
US Box
Office Revenues Plunged by 80 percent in a Year
The
COVID-19 hit came after the best year for the film industry in its history. In
2019, box office revenues hit $42.3bn, revealed the Motion Picture
Association`s 2020 Theatrical and Home Entertainment report. In fact, this was
a peak of impressive revenue growth that had been ongoing for over a decade.
However,
cinema closures in 2020 caused a sharp decline in annual box office revenues,
with the figure plunging by 71 percent year-over-year.
Statistics
show that North America, as the world’s leading box office market for several
decades, has been the hardest hit by the COVID-19 pandemic. In 2019, North
American box office revenues amounted to $11.4bn, a slight drop from $11.9bn in
2018. After the pandemic struck, revenues plunged by 80 percent YoY to only
$2.2bn in 2020.
Although
the smallest of all regions in terms of box office revenues, the Latin American
market witnessed almost identical revenue loss last year. Statistics show box
office revenues in Latin American countries dipped by 81 percent in a year,
falling from $2.8bn in 2019 to $500 million in 2020.
Asian
Market Witnessed $11.8B Revenue Drop, EMEA Countries Lost $7B in Box Office
Revenues Amid Pandemic
Over the
years, Asian countries have started making their mark on the global movie
industry. Bollywood movies, in particular, are gaining popularity outside of
India. Still, while India’s film industry is releasing far more movies than
China and the United States combined, its box office revenues are comparatively
small.
Statistics
show box office revenues in the Asia Pacific region grew steadily for the last
decade, with the figure rising from $7.2bn in 2009 to $17.8bn in 2019. However,
the closure of cinemas and theatres caused revenues to plunge by $11.8bn or 66
percent YoY in 2020.
EMEA
countries lost around $7bn in box office revenues due to the pandemic. In 2019,
cinemas across Europe, the Middle East, and Africa generated $10.3bn in ticket
sales. Statistics show that last year, box office revenues plunged by 67
percent YoY to $3.3bn, one-third of pre-COVID-19 value.
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