After the leading Hollywood studios announced the suspension of new releases in Russia, Russian cinema networks may move to show Bollywood blockbusters and movies from other Asian, Latin American countries, reported the Vedomosti, a Russian daily.
In 2021, foreign films accounted for 75 per cent of the Russian box office. The film chains' decision was driven primarily by two factors, their executives say: first, going to the movies is one of the most popular leisure activities among Russians. "The task is to keep it affordable and relevant, even despite the sharply increased costs for lamps and components for projectors, the cost of which, following the exchange rate, increased by about 80 per cent," says Alexey Vasyasin.
Against the backdrop of an increase in the cost of most goods and services, there will be no rise in the price of movie tickets. Cinemas will maintain pre-crisis prices not only for movie tickets but also for the products of cinema bars, the heads of the five largest cinema networks in Russia- the united cinema network Cinema Park and Formula Kino, Premier Hall, Karo, Kinomax - told Vedomosti, the Russian daily newspaper and Cinema Star.
Together, these cinema chains, according to the research company Nevafilm Research, as of January 1, 2022, occupy 31.5 per cent of the film distribution market in terms of the number of cinema halls.
Cinema networks will not change the prices and will freeze ticket prices however, cinemas will show Russian and South Korean films, as well as Bollywood blockbusters.
The special screening of Radhe Shyam, an Indian blockbuster movie, brought sold-out houses and new viewers for the combined cinema network Cinema Park and Formula Cinema, cinema chains in Russia.
On February 24, Russia began a special military operation in Ukraine after the Donetsk and Luhansk people's republics requested help in defending themselves. What followed the military operation was a slew of sanctions imposed by the western countries targeting the Russian economy.
( With inputs from ANI )
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