Corona Virus Hitting Chinese Box Office

What else is the corona virus killing?

It’s killing the Chinese box office.

imax_china

Deadline reports that “all local film releases scheduled for the highly lucrative Chinese New Year period have been” cancelled.

This could lead to a loss in global box office receipts of upwards of $1 Billion. For the same period in 2019, the Chinese box office totatled “RMB 5.8B ($836M at today’s rates) with the month of February achieving a benchmark RMB 11.1B ($1.6B) boosted by the New Year” films.

Rumors note that the movie theaters could remain shut through the end of the month if not longer with several cities having closed all public spaces.

While the distributors are saying that they are postponing the opening of their films, the scuttlebutt is that there is government intervention going on.

This will further hurt US pictures when the theaters open up as the government will be giving local films priority.

https://deadline.com/2020/01/chinese-new-year-films-cancellation-impact-global-hollywood-box-office-analysis-1202838847/

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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