Cinema chain to cease operations citing losses during pandemic
A man walks past an Emperor UA Cinema in Shanghai in a file photo in January 2013.
Famous cinema chain Emperor UA Cinema has filed for bankruptcy, closing down seven cinemas on the Chinese mainland, its parent company Emperor Culture Group Ltd Co announced on November 21.
The parent company said that Emperor UA Cinema has faced its toughest challenge since it was founded and will not continue investment. The cinema chain recorded a huge loss of 182.6 million yuan (US$25.92 million) as of June this year, taking up more than 55 percent of the parent company's total loss.
Seven cinemas, two in Shanghai, one in Chengdu, two in Foshan, and one each in Shenzhen and Zhuhai, ceased operations on November 21.
Cinemas are among the hardest hit venues by the COVID-19 pandemic with many movie theaters remaining closed during outbreaks of the novel coronavirus.
As of March 18, 5,394 cinemas were closed temporarily nationwide, or 43.42 percent of the country's total, accounting for 43.84 percent of box office revenue, according to a report issued by movie industry consultancy firm Top Century Consultation.
The number of movies that hit the big screen and box office numbers remain bleak at well. As of November 28, 378 movies were released this year, compared to 678 in the same period last year, generating 28.367 billion yuan at the box office, the same as the number in 2014, according to data from Lighthouse, an application that provides the data collection and analysis regarding the film industry.
