The coronavirus pandemic has affected not just human lives but also adversely impacted global economy totally. Businesses, small or big, have been adversely impacted with several countries opting for lockdown to curb the COVID-19 outbreak. One of the industries worst affected is the business of cinema. On April 30, 2020, IMAX, one of world's premium large screen distributors, presented its first quarterly financial reports and they reveal the chain has incurred a loss of $49.4 million. Only 7 Districts Have More Than 100 Coronavirus Cases: Rajasthan Health Minister.

In comparison, the theatre chain had gained $8 million a year before. The reports mention that the revenue earned by IMAX in the last quarter dropped by a freaking 56.%. Well, that can be expected when only 24 IMAX screens are presently open worldwide out of 1,616 screens distributed across 81 countries. With the situation getting grimmer by the day and the world struggling to contain the pandemic, we can expect that next quarter would be even worse for the theatre chain.

Here's The Tweet From Industry Tracker, Ramesh Bala, Confirming the Figures:

Responding to the losses incurred and the way ahead, Imax CEO Richard Gelfond conveyed to THR, "IMAX is uniquely positioned to manage through a temporary shutdown of theaters as a result of strategic planning, which led to our strong financial position, valuable brand and vast global footprint. With our strong cash balance and continued cost discipline, we believe that we will be ready to program our network, accelerate our theater business, and once again bring audiences the world’s most immersive entertainment experience when ready." Kerala Theatre Owners Seek Reduction in Fixed Charges of Electricity And Entertainment Taxes From Govt to Sustain Financial Loss Due to Lockdown.

If one of the biggest theatre exhibitors are facing this kind of financial crunch, imagine the situation of the small-screen chain and single theatre exhibitors.

(The above story first appeared on LatestLY on Apr 30, 2020 09:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).