CineEurope: Cinema Business Could Lose $20-$31 Billion in 2020
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variety.comNaman Ramachandran The cinema industry could lose between $20-$31 billion in revenues in 2020 due to the effects of the coronavirus pandemic, compared to the robust $42 billion it generated last year, according to media and tech research firm Omdia.“Year on year, we are around 70% down from last year,” said David Hancock, director for cinema at Omdia.
Hancock delivered a presentation summing up the current state of the industry at the virtual CineEurope conference on Wednesday.Omdia’s best-estimate forecast for the exhibition sector is 58% down on 2019 revenues. “Cinema is critically hit,” said Hancock. “Major distributors rushed to rework their film slates with knock-on effects two years down the line.
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