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EXCLUSIVE: Bollywood LOSES Rs 450 crore this quarter & Coronavirus is the biggest culprit
Bollywood has experienced a huge blow after the government ordered to shut down cinema halls until March 30 amid Coronavirus scare. The decision has led to the box office incurring at least Rs 450 crore loss.
Let's be honest: 2020 hasn't been the best year for the box office. Although it started on a high note with Tanhaji: The Unsung Warrior's Rs 268.72 crore box office collection in January, February failed to impress. Movies like Love Aaj Kal and Bhoot Part One: The Haunted Ship did not pan out as per plans. Malang was the biggest hit of the month with a collection of Rs 54.16 crore. Just when hopes were pinned on March, the Coronavirus came as a big blow.
With the theatres shut in Mumbai and Delhi, among many other cities, the box office has taken a huge hit. How massive is the dent? Well, it's as big as Rs 400 crore. Trade analyst Girish Johar tells Pinkvilla the box office has incurred a 450-crore loss in the first quarter.
"Keeping February's box office and the Coronavirus outbreak in March into consideration, we've lost more than Rs 400 crores," he notes. He revealed that the loss has been determined by the films releasing during this quarter. "The films were looking good. Last year, we had this particular benchmark. We are almost more than Rs 400 crore short by that benchmark achieved last year," he shares. January to March 2019 quarter witnessed a box office cum of Rs 1,150 crore. However, he reveals, Jan to March 2020 quarter has recorded Rs 650 crore box office cum.
Not only Bollywood releases, but Johar also notes that Hollywood releases also contribute to the Indian box office. Disney's Mulan was one of the biggest releases in March. The movie was eyeing to do good business. However, with the Covid-19 breakout, the release has been pushed.
Mohan Umrotkar, CEO of Carnival Cinemas, deems the March box office as a "washout". He notes, "This quarter will be at least 30 to 40 percent down as compared last year. The revenue will come in subsequent months. But it is a loss." Umrotkar believes the coming few months could turn the tables. "We are expecting the first quarter of the next (financial) year should be a good quarter. The order given by the government is applicable only till March 31. If everything resumes back, then the first quarter will not be impacted."
However, Johar adds that it will take time for the box office to jump back on its feet. There are several factors that will determine the first quarter of 2020-2021. Factors like the halt of filming (which will lead to change in filming schedules), audiences' ability to spend for a movie and the change in release dates will play a crucial role for the business to bounce back.
It is to see how Bollywood finds its way through this crisis. Stay tuned to Pinkvilla for more updates.
ALSO READ: Box Office Collection: Top Grossing Bollywood movies of 2020
