Last week, September 15th, Box Office analysts reported that Hollywood had recorded its worst box office weekend in 20 years. Recounts done by several box office experts revealed large deficits: last week, the total box office income was $55.3 million. This has been the lowest gross profit in any weekend for Hollywood since the year 2000 (where it reached $54.5 million). To further emphasize how low this amount is, right after the 9/11 attacks, the weekly box office gross was well over $60 million. Of course, the low numbers are not that much of a shocker.
The record low numbers can be attributed to two things:
- The low attendance and money generated by cinemas came as a direct result of the Coronavirus pandemic that has spun globally for well over nine months. Although many countries like the US have lifted various quarantine restrictions and rules, most people are still fearful of coming into contact with the virus and running the risk of suffering severe damage or even death.
- The abundance of alternative internet services for entertainment is a much safer and appealing option given the circumstances. Websites such as YouTube allow people to watch various videos or movie clips without actually having to go to the movie theater to see them. Furthermore, the overabundance of streaming services such as Netflix, Amazon Prime, HBO, Hulu, and Disney Plus, among others, provide audiences with various exclusive shows and movies that they can enjoy from home. For example, Amazon Prime has recently released the second season of a TV show called “The Boys,” which is essentially at its core, a parody on superheroes—a trendy genre at the moment. Given not only how safer it is to watch a TV show at home, but also the fact that many of these products are critically acclaimed and receive instant feedback guarantees the viewer will enjoy the experience
Considering how countries like Great Britain that had just authorized public interaction and pulled back social distancing measures are going into a second lockdown for a sharp increase in cases demonstrate the current climate might continue going for longer. This presents itself as bad news as box office numbers will continue to drop, and movie studios will halt their movies’ releases, bringing the movie theater industry to another record low.
Categories: World News