Hollywood movie box office slumped to near 40-year low in 2020

Hollywood movie box office slumped to near 40-year low in 2020

The lowest previous take for North American box office receipts was 1981, in a year when Superman II was the biggest film.

Tenet film
Robert Pattinson and John David Washington star in Chris Nolan's Tenet. (Photo: Warner Bros) 

Hollywood movies suffered an unprecedented 80 per cent slump in box office revenue in North America in 2020 as the coronavirus pandemic closed movie theatres and studios held back the release of scores of new films.

Research firm Comscore said in an end-of-year report on Tuesday (Jan 12) that the North American box office brought in US$2.2 billion (S$2.91 billion) in 2020, compared with US$11.4 billion for 2019.

The 2020 revenue marked an almost 40-year low, according to historical data from Box Office Mojo. The lowest previous take for North American box office receipts was 1981, with a total of US$918 million, in a year when Superman II was the biggest film.

Comscore did not release worldwide data for 2020, but Variety said global returns slumped some 71 per cent.

The pandemic forced movie theatres to close around the world in mid-March, bringing some small and big chains like AMC Entertainment to the brink of bankruptcy. Theatres have yet to reopen in the biggest US markets of Los Angeles and New York City.

Some 274 movies – including blockbusters like No Time To Die, Top Gun: Maverick and the ninth Fast And Furious action film – were moved to 2021 release dates, according to the Comscore report.

That left Sony Pictures cop caper Bad Boys For Life, released in January last year, as the top-earning movie in North America for 2020 with US$206 million. In 2019, Avengers: Endgame ruled the North American box office with US$858 million.

Thriller Tenet from Warner Bros, which hoped to tempt movie-goers back into theatres in the summer, took in just US$58 million in the US and Canada.

Paul Dergarabedian, senior media analyst with Comscore, said that 2020 revenue – much of it from drive-in venues – was grounds for hope given that some industry observers had feared the figure would be even smaller.

"That should be extremely encouraging to anyone who was worried that movie-going would not come back at all," Dergarabedian said.

(Source: Reuters)

Source: Reuters/sr

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