China’s ongoing fight against the spreading coronavirus epidemic has caused a widespread shutdown of the country’s economy, including the closure of more than 70,000 movie theaters. The timing could not have been worse for Chinese movie theater chains, as the outbreak came during the Lunar New Year, by far the most popular time for moviegoing in what is becoming the world’s largest box office market.
To get a sense of how important the two-week Lunar New Year period is to China’s annual box office grosses, consider the following: Last year, combined revenue on the first day of the holiday set a new single day record for the market, and grosses for the entire period came in at approximately $835 million in U.S.Coronavirus Lockdown Cripples Chinese Box Office: Will Hollywood Movies Take a Hit?
Available to WrapPRO members
With cities on lockdown and cinemas closed to contain China’s epidemic, the box office lost its annual Lunar New Year boom
China’s ongoing fight against the spreading coronavirus epidemic has caused a widespread shutdown of the country’s economy, including the closure of more than 70,000 movie theaters. The timing could not have been worse for Chinese movie theater chains, as the outbreak came during the Lunar New Year, by far the most popular time for moviegoing in what is becoming the world’s largest box office market.
To get a sense of how important the two-week Lunar New Year period is to China’s annual box office grosses, consider the following: Last year, combined revenue on the first day of the holiday set a new single day record for the market, and grosses for the entire period came in at approximately $835 million in U.S.