Entertainment
Hollywood hopes box office plunges only 40% this year
With more than 5,400 hundreds of American cinemas closed, box office analysts say the best of times is that they will remain closed for just three months. If that happens, the industry will have a chance to make $ 7 billion in domestic ticket sales in 2020, the lowest in more than two decades, and almost 40% from 2019.
According to Hollywood Reporter, London-based research firm Gower Street Analytics estimates that if the 5,400 cinemas reopen by mid-July and business is immediately back to normal, domestic revenues will reach $ 6.82 billion. If theaters open in mid-July but traffic returns more slowly, the number would be around $ 6.36 billion, up from $ 11.4 billion in 2019.
Experts warn, however, that even if theaters open after three months, a quick return to business as usual is unlikely.
I think people will want to go to the movies when it’s done, but it will be a process for people to build their confidence, says Comscores Paul Dergarabedian THR. I think it will be up to each company open to the public to deploy slowly. The last thing anyone wants is a quick ramp-up and then another round of closings.
But the studios apparently maintain their optimism that people will be back on the theater seats by mid-late summer. As Warner Bros. retains July 17 release for Christopher Nolans Principle, Disney movedMulan from March 26 to July 24. Warner Bros. also changedWonder Woman 1984s open from early June to August 14.
However, many huge productions scheduled for release in 2020 will not see the light of day until next year.
Robert Mitchell, Gower Street Analytics, tells THR that films pushed until 2021 including F9,Jungle cruise,The Eternals, Minions: The Rise of Gruandghost hunters: Life after deathwill cost the industry more than $ 1.8 billion in domestic losses this year.
The studios examined the situation and realized that they could not integrate everything by the end of this year, he said. They had to accept that this year was going to take a big hit.
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