Cinemas across the country suspend operations, estimated annual box office losses will exceed 30 billion

Recently, the National Film Administration held a video conference on the film industry's response to the epidemic. The conference analyzed the huge impact and profound influence of the epidemic on the film industry.

In the short term, the direct economic losses are huge. Cinemas across the country have suspended operations, and production and publicity have basically stagnated. It is currently estimated that the annual box office losses will exceed 30 billion yuan. In the medium and long term, the combination of multiple factors such as economic downward pressure will bring about profound adjustments to the film industry structure, production methods, and business philosophy, and have a profound and lasting impact on all aspects. From an international perspective, the global film industry has suffered a heavy blow, and the film industry in various countries is adjusting to save itself. The epidemic has caused an unprecedented crisis for the film industry, and it is also forcing the film industry to reform and upgrade.

The meeting stressed that as the epidemic situation further improves, more new and effective measures should be taken to prepare for the full resumption of work and production. We should further increase support efforts, organically combine short-term relief with long-term development, issue detailed rules for the implementation of fiscal and taxation policies as soon as possible, encourage local governments to introduce support policies according to local conditions, and promote the formation of a policy environment conducive to industrial development. We should make good use of financial services, strengthen cooperation with relevant policy banks and commercial banks, actively attract social capital investment, and encourage guarantee and insurance institutions to strengthen financing guarantee support. Special support policies should be given to cinemas, actively coordinate with lessors to reduce or exempt rents, promote special film funds to provide loan interest subsidies, and support local governments in purchasing and issuing movie tickets.