Russia’s cinema business is growing three times faster than the real economy.
One Russian in three having a night out in front of the silver screen, the growth of the business is fueling a revival in the media sector as in 2018 Russian movie-goers set a new record with 56 million visits to a cinema that made 13.5 Bln rubles ($200mn).
The collapse of the Soviet Union had atomized the cinema business.
Olga Zinyakova, a former movie producer, now Karo’s CEO, said, there is not too much difference in the tastes of Russians and the rest of Europe.
She said, the business is developing along the same lines as in the West.
Zinyakova said, Russia also suffers from one of the worst piracy problems in the world, adding, the pirates are a problem but simply making good films is a bigger issue.
Russia has a long history of grand movie making.
Zinyakova said, “to be honest I can’t say we are more cultured than Western Europe,” adding, “Soviet classics go down well with audiences.”
Russian content is growing significantly.
Russia’s large population ensures a decent audience for Russian-language movies.
She said, currently there are 20 percent of all movies seen in Russia that are made in Russia.
Zinyakova said, Russians like the local movies.
The development of Russia’s movie business is intimately tied up with the emergence of a middle class in Russia, she added.
