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How Chinese New Year Films Cancellation Could Mean A $1B Loss For Global Box Office In 2020 & What’s The Impact On Hollywood

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How Chinese New Year Films Cancellation Could Mean A $1B Loss For Global Box Office In 2020 & What’s The Impact On Hollywood

Postby MrFredPFL » Thu Jan 23, 2020 9:33 pm

Story : https://deadline.com/2020/01/chinese-new-year-films-cancellation-impact-global-h





Today’s news that all local film releases scheduled for the highly lucrative Chinese New Year period have been kiboshed has wide-ranging implications. Beyond being a prudent move by authorities and producers to stave off apotential spread of the coronavirus, this is expected to mean a $1B blow to global box office for 2020.

Says a finance source, “Moviegoing is so concentrated during this period, even with later releases, it will be impossible to overcome the massive loss.” Says another source, “We can’t recover from this year now even if China redates these films.”

Last year’s full New Year holiday brought in about RMB 5.8B ($836M at today’s rates) with the month of February achieving a benchmark RMB 11.1B ($1.6B) boosted by the New Year pics.

As we have previously reported, this year is not primed to hit the highs of 2019 given the lack of giant tentpoles, but a massive blow in China, the globe’s second biggest market, will mean a massive blow worldwide. There had been predictions that China’s box office would overtake North America in 2020, while some in the industry remained skeptical. Through force majeure, the skepticism now hews closer to reality.







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