More than 5,000 Chinese film and TV companies have cancelled or revoked their business registrations so far this year, nearly twice the tally for the entirety of 2019, a state-run media outlet said…
have been the sector hardest hit. They have now starting to lay off staff in droves, with CGV recently laying off as much as 30% of its workforce, according to the financial magazine Economic Weekly.
“China’s national box office is nearly zero, a large number of film crews have suspended their work, and a large number of in-progress projects have had to delay their pre- and post-production,” it explained. A top comment on China’s Twitter-like Weibo platform wrote in response to the news: “The big stars upstream won’t be affected, those mid-stream [in production] will see some ups and downs, but [cinemas] downstream will face hardships and privations…unemployment this year will surge, in all areas.”
A cinema investor told the Economic Weekly that “the cash flow of some larger cinema chains can sustain them for five months, but the time when we can re-open is far in the indefinite future, so we have to lay off staff and cut costs.”
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