Cinemas are facing a gloomy picture as blockbusters halted

THE cinema industry is at risk of collapse, experts have warned, as they criticised Hollywood studios for putting blockbuster profits before the survival of theatres.

Ministers have urged the public to support local cinemas after Cineworld announced it was closing venues across the UK because of falling profits due to lockdown.

The delayed release of No Time to Die, the new James Bond film, to spring 2021 has put further strain on an industry reliant on ticket sales generated by blockbusters. Britain’s cinemas are threatened by Hollywood studios delaying releases in the hope of bigger profits in a Covid-free market, the head of the UK Cinema Association has warned.

Phil Clapp told The Daily Telegraph: “The challenge we have is that cinema is now a global business and those studios are essentially waiting for the east and west coast of the US to be open before they are willing to release those titles.” Rob Arthur, an industry expert, added: “The UK cinemas are trading at over 90 per cent down on pre-pandemic levels.”

The announcement comes as the Royal Opera House has moved to sell an £18 million David Hockney work from its collection in order to stay afloat.