Chinese film industry first to make "full box office recovery"
Chinese film industry is back on track. While the whole world inches toward their theaters with war-level preparation, the domestic film industry of China was able to make "full box office recovery," after bringing in a massive $189 million within five days of the week starting from August 21 (Friday) and ending on August 25 (Tuesday). Tech firm Gower Street Analytics made this declaration.
This is how Gower Street analyzed the study
Gower Street Analytics, which studies theatrical data to analyze the market response, said this about the Chinese box office based on a model on full box office recovery. The UK-based company stated that there are five targets that the box office must achieve to be declared completely recovered. Like, Stage 1 requires almost 80% of the theaters to be ready for resuming operations.
Stage 5 was achieved by August 27, report says
Stage 5 needs the box office revenue to match the performance of top quartile of weekly earnings for the past two years. Gower Street says on July 25, 54% theaters reopened while on August 8, Stage 1 was achieved with 80% theaters open. Stage 3 was achieved by August 20 with 85% opening and Stage 5 by August 27, with 90% of cinemas running.
Credit goes to the release of a local war film
The top quartile performance for the last two years had a steep benchmark of $184 million, that Chinese theaters combined to cross in only five days of that week which closed with an impressive $252 million revenue. A lot of the credit goes to the release of local war film The Eight Hundred, which grabbed 27% of this year's national box office revenue.
China reports minimal new COVID-19 cases now
China's military-grade battle against coronavirus is the reason why people are back to theaters. Since Chinese theaters reopened in July, officials relaxed the cap on occupancy from 30% to 50% in August. China reports only 288 actively infected patients as of now. As a result, nearly 8,900 out of 10,800 theaters were flung open in this week as China raced to normalcy.