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It is no secret that during the pandemic, people found more time to watch TV shows or movies from either cable TV or strumming services. Since all theatres have shut down, people have found solace in using streaming services instead.
During 2020, the year of the pandemic, North America’s revenues for movies and TV shows exceeded 4.3$ billion. This is one of the highest gross profit America has ever earned in the decade.
The highest growing film in the North America was WillSmith’s sequel Bad Boys for Life with 206.3$ million. The highest grossing film globally in 2020 was The Eight Hundred with a stooping 472$ million.
A few block-buster films released this year with high gross profits include Christopher Nolan’s Tenet, The Croods: A New Age, Hocus Pocus, The Empire Strikes back and The Nightmare Before Christmas.
In India, Tanhaji the unsung warrior was the highest grossing film of 2020 earning a stooping 26.97 crores, followed by Baaghi 3, Street Dances 3 and Malang.
Although production houses have had staggering business problems and might have had to make a few compromises because of the pandemic, the film and streaming business have made adjustments and developments to their current business situation to make sure viewers can watch new movies without having to go to the theatre.
However, theatre companies are afraid that once the pandemic recedes, people will shift to only streaming channels and not visit theatres anymore.
Disney CEO Bob Chapek states otherwise. In an interview, he states that once the vaccinations roll out, people will come running to theatres as the idea of watching a movie in a theatre has been highly missed by all.
Old movies which have been released a few year ago have been coming to streaming platforms recently and have been earning a good budget as well.
Some movies have been earning comparatively less through streaming platforms than they usually do in movies. Wonder Woman 1984, the sequel to the 2017 movie, which is now available on a few streaming platforms, has collected 16.7$ million. This number would have been a very low budget if this amount was earned through theatres. However, because we are amidst a pandemic, these numbers are considered very high and profitable.
As the vaccines roll out in 2021, theatres are expected to open sooner, either by the end of this year or during the beginning of 2022.
By Meena Atmakuri