Year 2020 witnesses drastic 80% fall of the US box office: report

The novel coronavirus pandemic is a historic occurrence that caused drastic changes during 2020. The same goes for the entertainment industry that moved from cinemas and theatres to the screens of small devices, especially the handheld ones. 

The COVID-19 has taken a heavy toll on several businesses during the worldwide lockdown. It also restricted the cinema-goers to their homes, giving a juggernaut increase to the digital viewing of the entertainment media globally.

The number of digital subscribers across the world exceeded the one billion mark, revealed a report by the Motion Picture Association. The report, which is annually published, analyses the performances of the box offices around the globe.

According to the report, the moviegoing was utterly destroyed during the novel coronavirus pandemic in 2020. However, on the other hand, digital viewing received a massive spur.

The subscription of online services witnessed a 29 per cent increase in 2020 [as compared to 2019] that outpaced the one-billion mark to reach 1.1 billion. These subscribers helped generate a revenue worth $68.8 billion in 2020 - 23 per cent more than in 2019.

The MPA report highlighted the shocking reality that the US box office nosedived to $2.2 billion in 2020 - an 80 per cent downward jump. And, the total revenue accrued by the global box office slumped to $12 billion, which amounts to a 72 per cent decline.

With a revenue worth $3 billion, China de-seated North America as the world's largest box office that stands now at the second position, followed by Japan with 1.3$ billion.

As much as a 31 per cent increase in digital viewing helped offset the decline in the overall entertainment business as the total theatrical and digital/mobile in the U.S. plummeted to $32.2 billion, compared to $36.1 billion in 2019.

During 2020 that was mainly a lockdown time, 55 per cent increase was recorded in the viewing of online subscription services among adults while 46 per cent of adults reported that their viewing of pay-TV increased.

At the same time, use of mobile devices multifolded in 2020 as over 86 per cent of children and more than 55 per cent of adults said they watch media on a mobile device.