• SPECIAL STORY •
REBOOTING & GROWING CINEMA EXHIBITION IN THE PANDEMIC ERA
The impact of COVID-19 on cinema exhibition has been drastic in 2020 . 2021 looks to be another tough battle for survival of the exhibition sector globally and in India . But there is a silver lining - the cinemas who survive this critical phase will come out stronger and will offer a better viewing experience to the cinema crazy audience in India . Nothing can replace the large screen experience . Cinema exhibition has survived many an onslaught and emerged stronger from every crisis . This too shall pass .
The impact of the COVID-19 pandemic has shattered the global cinema theatrical business which is currently in the doldrums . AMC Entertainment Inc ., the biggest cinema operator in the world , said that it may run out of cash by early 2021 . Cineworld , the second biggest cinema company in the world , in early October closed all the cinemas in US & UK . Cinemex Holdings USA , operator of Miami-based CMX Cinemas , filed for bankruptcy in April . Cinema chain , Vue International said demand is still there , but there are no major movies being released for consumers to watch .
In India , PVR & INOX , two of the biggest multiplex chains in the country , have their stocks taken a battering and it is estimated that around 1500 single screens have shut down due to the impact of the pandemic in the last one year .
Drop in the Box Office Revenues
The estimated global box office revenues in 2019 was around US $ 42 billion and it saw a
March-May 2021 TW-21