Box office revenue absolutely tanked during the coronavirus pandemic.
According to The Hollywood Reporter, the Motion Picture Association’s data revealed that domestic box office revenue fell by 80% in 2020. (REVIEW: ‘Westworld’ Season 3 Ends With The Possible Deaths Of Multiple Characters)
The domestic box office last year was only $2.2 billion as theaters across America closed their doors during the pandemic.
To make the news worse for movie theaters, for the first time ever, streaming has over a billion users with the number checking in around 1.1 billion streamers.
“The global mobile/home entertainment market” made $68.8 billion last year, according to the same report.
As I’ve said before, movie theaters as we used to know them are more or less over. The days of needing to spend $100 on tickets and snacks to see a new movie are gone, and they’re almost certainly never coming back.
The moment Warner Bros. made the decision to dump its 2021 slate to HBO Max, a threshold was crossed that can’t be crossed back over.
People have found out that for a fraction of the price, they can watch new movies at home with all the beer and pizza they want.
Why would anyone want to go back to theaters unless it was a super special occasion?
It’s unfortunate for the those in the movie theater business, but it’s the nature of the beast. The pandemic has changed a lot of businesses, and movie theaters are right at the top of the list. Streaming is now king, and there’s no close second place.