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Box Office Revenues Plunged by $30B in a Year, US Market The Hardest Hit

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The COVID-19 has had a devastating impact on the global film industry. With cinemas closed amid the lockdowns and millions of people practicing social distancing, ticket sales plunged to the lowest point in decades.

According to data presented by Stock Apps, global box office revenues amounted to $12bn in 2020, a catastrophic $30bn plunge in a year.

US Box Office Revenues Plunged by 80 percent in a Year

The COVID-19 hit came after the best year for the film industry in its history. In 2019, box office revenues hit $42.3bn, revealed the Motion Picture Association`s 2020 Theatrical and Home Entertainment report. In fact, this was a peak of impressive revenue growth that had been ongoing for over a decade.

However, cinema closures in 2020 caused a sharp decline in annual box office revenues, with the figure plunging by 71 percent year-over-year.

Statistics show that North America, as the world’s leading box office market for several decades, has been the hardest hit by the COVID-19 pandemic. In 2019, North American box office revenues amounted to $11.4bn, a slight drop from $11.9bn in 2018. After the pandemic struck, revenues plunged by 80 percent YoY to only $2.2bn in 2020.

Although the smallest of all regions in terms of box office revenues, the Latin American market witnessed almost identical revenue loss last year. Statistics show box office revenues in Latin American countries dipped by 81 percent in a year, falling from $2.8bn in 2019 to $500 million in 2020.

Asian Market Witnessed $11.8B Revenue Drop, EMEA Countries Lost $7B in Box Office Revenues Amid Pandemic

Over the years, Asian countries have started making their mark on the global movie industry. Bollywood movies, in particular, are gaining popularity outside of India. Still, while India’s film industry is releasing far more movies than China and the United States combined, its box office revenues are comparatively small.

Statistics show box office revenues in the Asia Pacific region grew steadily for the last decade, with the figure rising from $7.2bn in 2009 to $17.8bn in 2019. However, the closure of cinemas and theatres caused revenues to plunge by $11.8bn or 66 percent YoY in 2020.

EMEA countries lost around $7bn in box office revenues due to the pandemic. In 2019, cinemas across Europe, the Middle East, and Africa generated $10.3bn in ticket sales. Statistics show that last year, box office revenues plunged by 67 percent YoY to $3.3bn, one-third of pre-COVID-19 value.

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Business

NCDMB and NEXIM Sign $30 Million Agreement to Support Oil and Gas Services Firms

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The Nigerian Content Development Monitoring Board (NCDMB) and the Nigerian Export-Import Bank (NEXIM) yesterday signed a $30 million agreement on working capital and capacity building fund to support oil and gas services firms.

Simbi Wabote, Executive Secretary, NCDMB and Managing Director, NEXIM Bank, Abba Bello, signed the funding agreement at the Abuja office of the Nigerian content monitoring agency.

Wabote said the Oil Producers Trade Section, Independent Petroleum Producers Group and Petroleum Technology Association of Nigeria had raised concerns over funding challenges confronting oil services firms, as this had made most of the companies to consider downsizing their staff.

He said, “The OPTS and IPPG had at some point raised before the NCDMB the inability of most indigenous contractors to provide services to them due to challenges of funding.

“This was especially when we got struck by the COVID-19 pandemic. I recall receiving several letters particularly from IPPG trying to see how we can support this.”

He added, “I also recall receiving similar letters from PETAN when the COVID-19 struck and most of their members had nothing to do anymore.

“This is because companies were shut down and their members were threatening on how to downsize and take Nigerians off their payrolls.

“Based on this, we then set up a committee to say how do we support these firms with the provision of working capital.”

Wabote noted the roll-out date for the fund would be July 1, 2021 and that the fund size of $30m would be boosted by matching funds of the same amount to be provided by NEXIM in naira (to be converted at prevailing official exchange rate).

“The scheme shall cover loans for working capital support and capacity building, oil service contracts, invoice discounting including acquisition of low-end equipment to service short-term contracts/service obligations,” he stated.

He said the target market comprised Nigerian oil service providers which belonged to a professional association in the Nigerian oil and gas industry and commercially viable with a business relationship with either an international oil company or a major Nigerian oil firm.

“Maximum amount that can be borrowed by a single obligor is $1m or its naira equivalent at the official exchange rate prevailing at the time of borrowing,” Wabote said.

He added, “Tenor shall be up to 12 months for working capital loans and up to three years for capacity building loans with moratorium of up to 12 months.

“The applicable interest rate shall be five per cent per annum all-in for dollar-denominated loans and eight per cent all-in per annum for naira-denominated loans and the rate shall be fixed throughout the tenor of the loan.”

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Appointments

LivingTrust Mortgage Bank Appoints Mr. Timothy Olorunsogo Gbadeyan as Company’s Secretary

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LivingTrust Mortgage bank has appointed Mr. Timothy Olorunsogo Gbadeyan as company secretary/head of legal services.

The bank disclosed in a statement signed by Ikechukwu Omuku, the Finance Officer/Head, Investor Relations, LivingTrust Mortgage Bank Plc.

The statement reads “We wish to notify The Nigerian Stock Exchange and the investing public of the appointment Mr. Timothy Olorunsogo Gbadeyan as Company Secretary/Head, Legal Services of LivingTrust Mortgage Bank Plc.

“Mr. Gbadeyan is a consummate corporate attorney with experiential background in deals advisory, real estate finance, facioring, general commercial transactions, corporate governance, company secretarial services and regulatory compliance. Until his appointment, he was the Head of Legal Services of Infinity Trust Mortgage Bank Plc.”

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Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector

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Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.

The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.

Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.

“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”

He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.

The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”

The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.

“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”

The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”

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