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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 Wednesday. That is a signal of the devastating impact of the coronavirus outbreak on China’s film industry.
Shut since January with high expenses and no revenue streams, cinemas 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 Economic Daily, a paper backed by the country’s top administrative body, the State Council, said that 5,328 film and TV companies have disbanded so far in 2020, 1.78 times the number who did so in all of last year. Furthermore, there were less than 8,000 registrations of new movie theater industry-related companies in the first two months of the year,
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