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COVID-19 Causes Almost 70% Drop in Box Office Revenue for China’s Film Industry

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COVID-19 Causes Almost 70% Drop in Box Office Revenue for China’s Film Industry

China’s film industry has become one of the biggest in the world in the last decade and looks to continue its success for many decades to come. However, the Coronavirus pandemic of 2020 put a hold on the strong momentum of the industry. According to data presented by TradingPlatforms.com, Box Office revenue from China’s film industry declined by 68.23% in 2020.

Prior To COVID-19 China’s Film Industry Was Experiencing Tremendous Growth

China’s film industry recently become a major player in the global film industry. Before COVID-19 changed the global landscape, the Chinese film industry was projected to grow by a staggering 91.2% from 2018-2025. Revenue from China’s box office also impressively grew by over 275% from 2012-2019, with revenue amounting to 64.27B Yuan (around $10B) in 2019.

The number of movie tickets sold in China has also dramatically increased in the last decade as a younger more affluent middle class became bona fide moviegoers. In 2019, over 1.7B movie tickets were sold in China compared to 284M in 2010 – an increase of over 500%. To fulfil the increase in demand, the number of cinema screens in China also rose by over 1000% from 2010-2019, with a total of almost 70K screens in 2019.

Movie production in China also significantly increased in the same time period before COVID-19. In 2019 there were 1037 movies produced in China after 2018’s record high of 1082.  Of these films, 850 were feature films in 2019 and a record high of 902 feature films for 2018. Revenue from domestic Chinese movie production also rose by over 50% from 2015-2019, from  27.14B Yuan ($4.2B) to 41.18B Yuan ($6.4B).

Box Office Revenue Down Almost 70% in 2020 Due to COVID-19

Wuhan, China was where the COVID-19 virus was first identified, and China was the first country in the world that had to fight the virus. As with many countries, the pandemic affected many industries negatively, and the Chinese film industry was one of them. The rise of China’s film industry in recent times made the effects of the pandemic even more pronounced.

Almost 70% fewer movie tickets were sold in 2020 resulting in a decrease in revenue of over 40B Yuan ($6.2B), 68.2% lower than 2019’s numbers. This is a clear impact of the pandemic as people were forced to stay home and protect themselves. Movie production also dramatically decreased as the pandemic presented a plethora of logistical obstacles, a blow to many people’s employment and source of income.

There was a 37% decrease in film and feature film production compared to 2019, in what has been the lowest number in over 5 years. On a positive note, the number of movie screens still increased in 2020, perhaps painting a more positive future post-COVID-19. The total number of movie screens in China increased to over 75K in 2020 which could suggest that demand is expected to rebound once the pandemic is under control around the globe.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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