With pandemic forcing movie theaters to close around the world and bringing some small and big chains like AMC Entertainment to the brink of bankruptcy, Hollywood box office could just bring in $2.2 billion in 2020, compared with $11.4 billion for 2019.
A case in this is ‘Tenet’ from Warner Bros, which hoped to take movie-goers back into theaters in the summer. However, it took in just $58 million in the U.S. and Canada.
This made some 274 movies - including ‘No Time to Die’, ‘Top Gun: Maverick’ and the ninth ‘Fast and Furious’ action film – to reschedule their release date to 2021, hopping that the overall situation made by the disease will get better.
Reports also said that the 2020 revenue marked an almost 40-year low. However, 2020 revenue was grounds for hope given that some industry observers had feared the figure would be even smaller.