The COVID-19 has had a devastating impact on the global film industry. With cinemas closed amid the lockdowns and millions of people practising social distancing, ticket sales plunged to the lowest point in decades.
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% 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% 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% 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% 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% 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% YoY to $3.3bn, one-third of pre-COVID-19 value.