COVID Cost European Cinemas “not less than” $20 Billion in Losses in 2020/2021, Says Trade Group

European cinemas took a $20 billion hit because of the coronavirus pandemic, in accordance with estimates printed Tuesday by business commerce group the International Union of Cinemas (UNIC). Enforced theater closures and COVID-19 restrictions, together with capability limits and masking necessities, meant whole income losses of “not less than” €19 billion ($20 billion) throughout the business in the European Union (EU) and the U.Ok., the UNIC mentioned in its annual report, launched Tuesday in the beginning of exhibitors convention CineEurope, which runs June 20-23 in Barcelona, Spain.

After the European field workplace hit an all-time file excessive of $9.3 billion (€8.8 billion) in 2019, theatrical take dropped off a cliff in 2020, falling to $2.8 billion (€2.62 billion) in 2020. Last yr noticed a bounce again, of kinds, with field workplace leaping 42 % year-on-year to $3.9 billion (€3.7 billion) throughout the EU and U.Ok., however that determine remains to be 70 % down on pre-pandemic 2019.

A scarcity of content material could possibly be one of many issues. The UNIC famous that whereas 2019 noticed a median of 480 new releases throughout Europe, the variety of new titles dropped to 250 in 2020 and barely inched up final yr, to simply 270. Of these, just below half, 95, have been U.S. titles, which nonetheless accounted for the majority of ticket gross sales. Just 5 movies: No Time to Die, Spider-Man: No Way Home, Dune, F9, and Venom: Let There Be Carnage, bought 98 million tickets throughout the area, round a sixth of the full 589 million admissions recorded by the UNIC for the yr. That compares to 432 million tickets bought in 2020 and 1.347 billion in 2019.

Pointing to a sharper restoration in the second half of final yr, the UNIC was upbeat in regards to the cinema business’s prospects as COVID restrictions fall and the Hollywood studios ramp up their launch schedules. They cited a current Gower Street Analytics forecast predicting European field workplace will hit $8.1 billion this yr, which might be a 62 % hike on 2021 and inside shouting distance of figures pre-pandemic.

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