2020 was shrouded with movie releases as the demand for films increased as the demand for entertainment increased due to COVID-19 lockdown in many countries in the world. The pandemic affected the film industry significantly because of its effect on the health of the people and the economy. It is the first year since 2008 not to have a film gross $1 billion in its initial release. The economic performance of the film industry bore the brunt of the COVID-19 pandemic as many movie theatres were closed in an attempt to minimize contact among human beings. The restrictions helped in limiting the spread of the virus but had a negative effect on the economy. It led to lower box office returns compared to the previous years.
The top-grossing movie in 2020 was Demon Slayer: Kimetsu no Yaiba the Movie: Mugen Train distributed by Sony Music Japan, making a worldwide gross of $500 million. The second position was the movie titled The Eight Hundred, a movie set in Japan, distributed by CMC pictures with a worldwide gross of $572 million. My People, My Homeland, a movie set in China and distributed by China Lion Film Distribution with a gross of $433 million, became the third-rated movie according to the worldwide gross. The fourth top-grossed movie in 2020 was Bad Boys for Life, distributed by Sony Pictures, with a worldwide gross of 426,505,244. To wrap up the top five of the top-grossing movies in 2020 is Tenet, distributed by Warner Bros with a worldwide gross of $363,656,624. The analysis of the five most grossed movies in the world is important because it helps in understanding the performance of the movie industry.
Some of the factors that determined the gross sales that a movie made included the clients’ budget, the ratings that the few people who have watched the movie have submitted, and the directors and the cast that has been used in making the movie. The famous actors are likely to attract more clients compared to those who are not well known. The budget of the clients is also important because it is a determinant of demand, and it suggests whether the client will have the money to purchase the movies or not. The COVID-19 pandemic led to a global financial crisis that reduced the amount of money available for people to spend, which affected the sales of movies in the world.
Information on the total grossing is more important because it gives the actors and the producers a chance to reflect on how the year was and whether they could have improved the situation. It is clear that the year 2020 recorded the least revenues that come from movies, which indicates that the movie industry was also affected by the financial crisis that took place in the world as a result of COVID-19. Such information also helps in research to develop the methods that could help increase the number of sales made in the market.