Analysis: The Covid crisis and the TV streaming boom has badly hurt cinemas but experts say a happy ending is possible
Cineworld’s $3bn (£2.17bn) loss for 2020, unveiled this week, is a stark reminder of the vulnerable state of the once all-powerful cinema owners, as Hollywood studios embrace streaming and jeopardise hopes of a post-Covid box office recovery.
Cinema owners have barely survived the last year with the pandemic-enforced closure of movie theatres for months on end resulting in the lowest annual admissions ever recorded, in turn fuelling an 80% slump in box office revenues.
