Property

Box office bomb: SM Cinema sales down by two-thirds due to COVID

The country’s largest cinema chain was battered and by the coronavirus pandemic as ticket sales were slashed by two-thirds.

SM Prime reported that cinema and event ticket sales fell by 69 percent to P1.91 billion in the first half of 2020 from P6.11 billion during the same period in 2019.

These revenues include merchandise sales from cinema snackbars, sponsorships and advertising revenues, bowling and ice skating operations, and sale of food and beverages in hotels.

SM cinemas were closed from mid-March to June 30 due to the lockdown imposed to contain the virus.

But SM is hopeful the government will allow movie houses to “slowly reopen doors to patrons by August 2020.”

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