Cinemas In Hungary Could Lose 80% Of Annual Revenue

  • 13 Nov 2020 9:34 AM
  • Budapest Business Journal
Cinemas In Hungary Could Lose 80% Of Annual Revenue
Cinemas could lose 80% of their annual revenue and a significant portion of their reserves have already run out during the spring restrictions, Erika Borsos, President of the National Association of Cinemas, told business daily Világgazdaság.

Fall is usually a strong period for cinemas, but they remain closed for the time being.

Since reopening from the spring closure (which ran from March 16-June 25) until forced to close again at the beginning of November, the number of cinema-goers reached 20-60% compared to the same period in 2019.

Last year, the Hungarian cinema market had 15 million visitors, and net ticket revenue exceeded HUF 22 billion.

According to Borsos, the possibility of wage subsidies is a great help to the sector, but it alone does not solve the situation of cinema companies, as they currently cannot generate revenue at all.

MTI Photo: Zsolt Szigetváry

  • How does this content make you feel?

XpatLoop Media Partner

Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

Explore More Reports