Cineworld shuts down in all UK and US venues risking 5500 jobs. The company wrote to prime minister Boris Johnson and Secretary for culture, that the film industry has lost its luster. Hence they are planning to temporarily close its operations. They were planning for the release of the Bond movie- No time to die. It is a 007 movie by Eon productions. Daniel Craig is the lead. This movie was supposed to be the ray of hope.
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COVID 19 hits the industry badly: It forced cinema houses like Cineworld UK to shut down. They have suffered a loss of more than 1.6 bn pounds. This shutdown is an example of the challenges that the UK film industry is facing currently.
Cineworld to close all its Regal cinema venues: The reopening date is not planned yet but they are going to be closed till 2021.
Cineworld UK in the past: It was the leading British cinema house in 2018. It has 99 cinemas and 1017 screens. It is Ireland’s best and largest. It is present in 11 countries UK, US, Canada, Ireland, etc. Because Cineworld used to offer an incomparable cinema experience with its excellent facilities and good services, it was on the top.
No footfall: Although the Cineworld Uk houses were prepared for entertaining the movie-goers in a safe and healthy way, the expected footfall was very low. Employees with 3 years or more of service would be retained with 40% of their salary.
Amazon Prime, Netflix, and other new-age online media for movies are replacing traditional cinema houses. You can experience any movie from the comfort of your home. The audience is extremely anxious to go out for a movie and prefer their homes.