Undeterred by the current state of the industry, and despite posting a $668M profit loss for 2019, China’s Wanda Film is betting big on the local theatrical business. The division of Dalian Wanda G…
While the lockdown begins to ease in China, there is still no timetable for the reopening of cinemas. There is a stockpile of homegrown titles the Middle Kingdom can begin programming, though Hollywood isn’t expected to come back online until the summer.
A recent survey by Maoyan, however, showed that 72% of local moviegoers polled were eager to get back to the multiplex, up from 54% in February. Maoyan CEO Zheng Zhihao said last week that COVID-19’s impact on the entertainment industry is “only temporary.” He also predicted the industry “will rebound earlier” than others that rely heavily on the global market. Further, he suggested, “There is no need to worry that theater screening will be replaced after the pandemic.
Said Wanda Film in one of its flurry of filings, “The market competition in the movie theater industry is fierce, and there is huge room for development in China’s lead theater companies.” It added that due to the impact of the coronavirus, “the theater industry and the film industry are under great pressure in the short term, facing the stage of dilemma of insufficient cash flow. The operating pressure of small and medium-sized theaters is particularly prominent.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus: EU rewrote coronavirus report after pressure by China - Business InsiderReferences to a Chinese campaign of 'global disinformation' about the coronavirus were removed before publication.
Read more »
Australia rejects Chinese 'economic coercion' threat amid planned coronavirus probeAustralian Foreign Minister Marise Payne has cautioned China against attempts at 'economic coercion' as Australia pushes for an investigation into the coronavirus pandemic that China opposes.
Read more »
Deutsche Bank warns on coronavirus impact as its profit falls from a year agoThe German lender said it expects to report a fall in net income in the first quarter from a year ago and warned it might miss its capital target as a result of the coronavirus pandemic.
Read more »
Republicans See Attacking China As A Winning StrategyA new memo from the NRSC doubles down on the Trump campaign’s strategy of addressing coronavirus by attacking China and labeling Democrats soft on China.
Read more »
Ron White Wants Spousal Support Terminated Because of Coronavirus ImpactRon White is an incredibly successful comedian, and even he is feeling the disastrous fallout from the coronavirus pandemic ... so much so, he's telling a judge he can't afford to pay his ex-wife spousal support.
Read more »
Italy starts to reopen as COVID-19 cases begin to declineItaly – a country that has been hit hard by the coronavirus pandemic – is starting to see a glimmer of hope as the number of coronavirus cases begin to decrease.
Read more »