In a surprising turn of events, the highly respected accounting firm, PwC, has forecasted that the global box office and overall cinema revenue will not return to pre-COVID-19 pandemic levels even by 2029. This prediction, which forms part of PwC’s closely watched annual media and entertainment outlook report, has sent shockwaves through the entertainment industry, both locally and internationally.
A Slow Recovery
COVID-19 has wreaked havoc on industries worldwide, and the entertainment industry has not been spared. South Africa, with its burgeoning film industry, has felt the impact keenly. With cinemas closed during lockdowns, box office revenues plummeted, and the industry has been struggling to recover. Now, with the prediction of a slow return to pre-pandemic levels, the future seems uncertain.
The South African Context
In South Africa, the film industry contributes significantly to the economy. The South African box office grossed over R1.2 billion in 2019. However, the pandemic has seen a drastic decline in revenue, with cinemas taking a severe hit. The slow recovery of global box office revenues indicates a similarly slow recovery for South Africa.
The Road to Recovery
Despite the grim outlook, there is hope. The entertainment industry is resilient and has always found ways to adapt and evolve. We’ve seen the rise of streaming services and the increased popularity of drive-in cinemas. While traditional cinema may be experiencing a slow recovery, the broader entertainment industry continues to find innovative ways to provide audiences with compelling content.
As South Africans, we have a role to play in supporting our local film industry. Whether it’s by subscribing to local streaming services or visiting the drive-in, every bit helps to breathe life back into an industry that has given us so much.
While the road to recovery may be long, the resilience and creativity of the entertainment industry ensure that the show will go on, no matter what the challenges.
Source: The Hollywood Reporter
