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South Africa's Movie Industry Bounces Back After Covid-19

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South Africa,Movie Industry,Covid-19

South Africa's movie industry has experienced a remarkable rebound after the Covid-19 pandemic and associated lockdowns. Despite the rising popularity of streaming services, the country's two biggest cinema chains, Ster-Kinekor and Nu Metro, are in a good space. Ster-Kinekor, which entered voluntary business rescue proceedings in January 2021, faced significant financial losses due to the strict lockdowns. However, with the help of R250 million in funding, the company successfully exited business rescue in November 2022.

South Africa’s movie industry took a massive hit during the Covid-19 pandemic and associated lockdowns but has seen a remarkable rebound since, with movies likeMoreover, the country’s two biggest cinema chains — Ster-Kinekor and Nu Metro — say they are in a good space despite the rising popularity of streaming services.

The company exited business rescue in November 2022 with the help of R250 million in funding raised from Blantyre Capital and Greenpoint Capital.In April 2022, Ster-Kinekor and Nu Metro told MyBroadband that despite the uphill battle against streaming services, they still have plenty to offer South Africans and will

“Cinemas deliver a multi-dimensional entertainment experience which can’t be duplicated via other platforms,” he said.didn’t provide as much of a boost but exceeded the company’s expectations. Ster-Kinekor adopted a similar approach, with Wylie saying it also focuses on non-traditional cinema content.

 

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