Russian cinemas suffered billions of dollars in losses due to the departure of Hollywood
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Billion-dollar losses of Russian cinemas authorities are not ready to extinguish unconditionally
The departure of Western film companies led to a halving of the revenue of the largest Russian cinema networks in 2022 RBCbasing its conclusions on the available financial statements of several of the largest market participants.
According to the publication, citing experts familiar with the situation, both cinemas and tape producers repeatedly applied to the authorities last year with a request to provide subsidies. But the Ministry of Finance will allocate the 6.5 billion rubles requested by the film industry. refused, and the Minister of Culture Olga Lyubimova made it clear that there could be no question of unconditional compensation for the departure of Western companies.
At the same time, RBC recalls that certain targeted support to cinemas was still provided at the regional level. For example, the Government of Moscow allocated funds to film networks to compensate for the costs of licensing agreements for the use of rights to domestic films and grants for advertising Russian films.
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