28 Aug 2020: 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.
Report: 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.
Happy Chinese: 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.
Statistics: 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.
Healthcare: 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.