Popular streaming services such as Netflix, Amazon and Disney + are generating more sales than cinemas worldwide this year for the first time. Accountants and consultancy firm PWC expects a 66 percent decrease in turnover for the cinemas. At the same time, streaming is growing by an estimated 26 percent.
Just five years ago, the turnover of cinemas worldwide was three times higher than that of the streaming services. Since then, the difference has narrowed every year.
“This would certainly happen one day. What is striking now is that streaming from the media is experiencing the greatest increase. And cinemas are of course very hard hit”, says Casper Scheffer of PWC.
Blockbusters?
Another trend of concern for cinemas is also reinforced by corona. In most cases, cinemas had a long time to show films exclusively “and if the film attracted a lot of visitors it would keep running even longer”, says Scheffer. But that is no longer a matter of course.
For example, Disney recently opted for the film Mulan not brought to theaters, but streamed exclusively on Disney +. There was also a fuss about the film last year The Irishman. It was only made available for four weeks, after which a number of cinemas decided to drop out completely.
“To turn this tide is a necessity for cinemas,” says Scheffer. “They have to make it a corona exception.”
Slow recovery
According to PWC, it does not look like cinemas will recover quickly. Until 2024, the turnover of the cinemas worldwide will remain below the level of 2019.
The growth of streaming services is continuing. PWC expects to double in 2024 to $ 86.6 billion compared to 2019.
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