The Motion Picture Association’s annual THEME report released on Thursday revealed that global subscriptions for online video services passed one billion for the first time ever.
The report also stated that with thousands of movie theaters forced to close worldwide, the 2020 box office collapsed 73% year-over-year to $12 billion, with the U.S. box office only totaling $2.2 billion. While the box office in some major markets like China — which grossed $3 billion last year — has found a way to rapidly recover, it is expected that it will take at least the duration of 2021 for the domestic box office to return to normal levels, provided that another COVID-19 outbreak does not cause widespread closures again.