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2020
Global Cinema Industry Set to Lose $32 Billion in 2020, Says Omdia Report
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variety.comNaman Ramachandran The global cinema industry is set to lose $32 billion in 2020 due to the COVID-19 pandemic, a 71.5% reduction in box office revenue compared to 2019, according to a recent report by media and tech research firm Omdia.Omdia’s “Movie Windows: Adapting for the future” report finds that box office revenue has dipped below $13 billion for the first time in more than 20 years.Whilst box-office revenues have been hit, there’s been unprecedented growth in online video usage — both transactional and subscription — during 2020, the report finds.
Online transactional and subscription video revenue is set to increase by 30% year-on-year from 2019’s $26 billion to $34 billion in 2020.The report also states that premium VOD has.
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