Hit by streaming services and COVID-19, cinemas may see further consolidation, analysts say

Hit by streaming services and COVID-19, cinemas may see further consolidation, analysts say

19/1/2022 1:15:00 AM

Hit by streaming services and COVID-19, cinemas may see further consolidation, analysts say

SINGAPORE: Singapore’s cinema industry may see further consolidation amid a “perfect storm” of stiff competition from online streaming services and profitability challenges due to the COVID-19 pandemic, experts said. Last week, Filmgarde Cineplexes announced that it will

Plans for its remaining cinema at Leisure Park Kallang will be made known “in due course”, said the homegrown firm.Singaporeans loved going to the movies. Based on official data dating back to 1998, cinema attendance rose steadily to hit a peak of 22.1 million in 2011 when there were 180 cinema screens and 35,000 seats.

The arrival of online streaming services was “a major factor” that contributed to the decline in cinema attendance even prior to the pandemic, said Filmgarde’s director Han Minli.“But it's a pre-selected environment, curated by cinemas and the distribution companies, compared to the thousands of different titles I can get online and watch at home at any time.”

Read more: CNA »

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