Movie Theaters in Asia Are Thriving Despite Covid, Imax CEO Says
While the U.S. box office continues to suffer under the heel of the pandemic, theaters on the other side of the Pacific are attracting customers in droves.
In Japan, a record number of people saw movies in Imax Corp. theaters over the weekend, according to Chief Executive Officer Rich Gelfond. In China, December ticket sales at the company’s big-screen theaters jumped 28% from a year earlier, when few people had heard of the novel coronavirus.
The recovery in demand is one of the few positive signals for Hollywood studios, which saw box-office revenue plummet in 2020 with most U.S. theaters closed and the release of practically all new blockbusters delayed. The industry is now planning its return to semi-normal business in April, hoping customers who have been glued to streaming services for a year will return to theaters after vaccines have been distributed.
Image Credit: Bloomberg