LTP News Sharing:

Today’s news that all local film releases scheduled for the highly lucrative Chinese New Year period have been kiboshed has wide-ranging implications. Beyond being a prudent move by authorities and producers to stave off apotential spread of the coronavirus, this is expected to mean a $1B+ blow to global box office for 2020. Says a finance source, “Moviegoing is so concentrated during this period, even with later releases, it will be impossible to overcome the massive loss.” Last year’s full New Year holiday brought in about RMB 5.8B ($836M at today’s rates) with the month of February achieving a benchmark…

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