Grim Outlook for US Cinemas as Coronavirus Resurges
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- The resurgence of coronavirus cases in parts of the US has led to widespread cinema closures that have forced film makers to change their strategies for movie release to protect themselves from the ongoing financial losses from the coronavirus restrictions
- While many industries are just recovering from the financial devastation caused by months of lockdown, many cinema chains have shown nearly 100% revenue losses as cinemas have been empty for months on end
- With cases still spiking across the country, cinemas may still remain shuttered in the coming months
- This has pushed cinema operators on the verge of bankruptcy
- Nearly half of the world's cinemas are now open, according to data from Gower Street Analytics; however, of all the 12,400 theaters currently open, more than 90% are outside the US