Not all is lost, however. The annual report from the Motion Picture Association says the theatrical business will recover from COVID-19 and also trumpets the rise of streaming.
The report tried to paint a positive picture by touting strong home entertainment numbers, including streaming.
“These figures underscore that our industry is swiftly recovering around the world. For example, the digital content streaming marketplace in 2021 accounted for 72 percent of the combined theatrical and home/mobile entertainment market, up from 46 percent in 2019,” noted MPA chairman-CEO Charles Rivkin, whose tenure has seen Netflix become a member of the trade organization alongside the legacy Hollywood studios.
Streaming subscribers in the U.S. also continued to boom, growing 14 percent to 1.3 billion after crossing the one billion mark for the first time in 2020.
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