Glimmers of hope for box office recovery

Global market share of box office in APAC to rise from 50 % in 2020 to 52.2 % in 2021.

Los Angeles: The global box office is accelerating. Revenues in 2021 could hit 21.6 billion, according to a revised forecast from the research firm Gower Street Analytics. The estimate has been revised from a previous estimate of $20.2 billion with a potential additional upside that could see the current year finish closer to $22 billion globally.

“The $1.4 billion gain to the global prediction since our previous estimate, which was based on eight months of actuals and estimates for the final four months of the year, is primarily due to the blockbuster boost brought about by October,” said the firm.

The reason for the shift is driven primarily by the strong performance of October titles including China’s 'The Battle at Lake Changjin' ($845 million through the past Sunday), MGM/Eon/Universal’s "No Time To Die" ($605.7 million) and Sony’s "Venom: Let there Be Carnage" ($395.8M). Warner Bros/Legendary’s "Dune" is also coming out of a strong, expanded release frame with a global total of $296.4 million.

The $21.6 billion estimates would put 2021, 80 per cent ahead of 2020, but still 49 per cent behind 2019’s record global tally. This is the final estimate the firm plans to publish for 2021 before actuals are announced in early January.

According to Gower Street, the market share of global box office represented by North America (aka the domestic US) held relatively unchanged, down from 21.8 per cent to 21.6 per cent. Likewise, Latin America held steady, down from 4.9 per cent to 4.6 per cent. These markets are expected to remain relatively unchanged between 2020 and 2021. The Europe/Middle East/Africa (EMEA) dropped from 23.1% to 21.6 per cent.

In contrast, the Asian-Pacific (APAC) market is expected to expand its share from just over 50 per cent in 2020 to 52.2 per cent in 2021. However, the APAC gain is entirely due to China, which has made its own further encroachment within the APAC region, with a reduced market share of the worldwide box office in the region’s other key markets: Japan, South Korea, and Australia. China is expected to represent nearly 34 per cent of the global box office in 2021, compared to just over 28 per cent in 2020. Japan, meanwhile, sees its market share halve from 12.2 per cent to just six per cent. Korea drops from 4.1 per cent to 2.4 per cent, and Australia from 2.7 per cent to 2.1 per cent.

Hollywood, in general, is still feeling the fallout from the pandemic. Despite US theatres being mostly back in full operations, there has been hesitation on the part of audiences to return to filling seats to full capacity. However, Hollywood studios and theatre owners are beginning to entice a return to the big screen with persuasive marketing campaigns and exclusive in-theatre movie releases.

Likewise, the Indian Box Office took a hard hit due to the coronavirus pandemic. Bollywood had a banner year in 2019 and heading into 2020, according to Statista, the box office revenue for the Indian film industry was valued at about Rs 139 billion. This figure was estimated to drop to only Rs 30 billion a year later due to the pandemic impact. However, hope remains high as theatres begin to reopen. Movie theatres in the entertainment capital of Mumbai reopened on 22 October after 18 months of closure due to Covid-19.

Overall, the global estimate for October has risen nearly 30 per cent from an original estimate of $2.5 billion to $3.2 billion. This would put October business just 4 per cent behind the average of the three pre-pandemic years (2017-2019) for the month. No previous month in 2021 has performed better than 40 per cent behind the three-year average.

"The Battle at Lake Changjin" tops the 2021 worldwide box office chart with more than $845 million in ticket sales to date. China’s blockbuster "Hi, Mom" which was released in February, follows at number two with $822 million. Universal carries the number three spot with "F9: The Fast Saga" with $721.1 million. China’s "Detective Chinatown 3" is number four worldwide ($686.3 million).

Latest Reads
UFO Moviez Q1 FY23 revenues up to Rs 90.6 crore; loss down to Rs 2.5 crore

In-cinema advertising platform UFO Moviez reported its first quarter results for the financial year 2023.

Movies Hindi
Filmmaker duo Raj Nidimoru & Krishna DK collaborate with Netflix for creative partnership

Mumbai: Filmmaker duo Raj Nidimoru & Krishna DK on Thursday announced their collaboration with Netflix, in a multi-year creative partnership. Under their D2R Films banner, they will develop and produce their upcoming projects for Netflix. The filmmakers will also be the show-runners and...

Movies Hindi
Inox Leisure sees best quarterly performance in Q1 FY23; revenue up by 19 per cent

Inox Leisure on Wednesday announced its first quarter results for financial year 2023. The company reported its best quarterly performance with revenue at Rs 589 crore up by 19 per cent year-on-year (YoY).

Movies Movies On Mutiple Platforms
UFO Moviez expects the company will return to pre-pandemic level: Sanjay Gaikwad

Mumbai: As long as there are no new pandemic-induced restrictions that would affect business operations, UFO Moviez founder and managing director Sanjau Gaikwad is optimistic that the company will soon return to the pre-pandemic level.

Movies Hindi
SPE appoints Shony Panjikaran & Lada Guruden Singh to lead distribution and production biz in India

Mumbai: Sony Pictures Entertainment (SPE) appoints Shony Panjikaran and Lada Guruden Singh to take over the reins of its distribution and production business in India. Lada Guruden Singh has been named general manager and head of Sony Pictures International Productions (SPIP), India. He will be...

Movies Hindi
PVR launches an in-cinema ad innovation

Mumbai: Cinema exhibition company PVR Cinemas has announced its latest innovation in the in-cinema advertising space since its come-back after the pandemic. It has introduced 270-degree on-screen experiential in-cinema advertising for the first time in India to drive higher excitement for brands....

Movies Hindi
Cosmo First elevates Kulbhushan Malik as global business head of its films business

The global business conglomerate Cosmo First on Tuesday announced the elevation of Kulbhushan Malik as the business head for their films business globally.

Movies Hindi
PVR expecting full recovery over the next couple of quarters: Chairman & MD Ajay Bijli

Mumbai: At the investor conference call post the announcement of its first quarter results, multiplex chain PVR's chairman and managing director Ajay Bijli, said that the company is expecting a full recovery over the next couple of quarters. "Given the excellent performance of the movies in the...

Movies Hindi
PVR's Q1 consolidated revenue up to Rs 1,002 crore

Mumbai: Multiplex operator PVR has announced its unaudited standalone and consolidated financial results for the first quarter ended 30 June 2022.

Movies Hindi