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 Bollywood box office incurring at least Rs 450 crore loss.
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. The dent is as big as Rs 400 crore.
Trade analyst Girish Johar tells that 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 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 had eyeing to do good business.
However, with the Covid-19 breakout, the release has been pushed.
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, audiences’ ability to spend for a movie and the change in release dates will play a crucial role for the business to bounce back.