Russia's Box Office Won't Reach $1 Billion This Year for First Time Since 2010

Universal Pictures
"Minions" is Russia's highest grossing movie to date

The decline is explained by the national currency's devaluation against the dollar.

For the first time since 2010, Russia's box office gross won’t hit the $1 billion mark this year, according to projections.

The decline is due to a sharp devaluation of the local currency, the ruble, against the U.S. dollar over the last 12 months.

According to Russia's main industry journal, Exhibitors' Bulletin, by September 20, the total box office had reached $613.6 million, while a year ago, it had already reached $1 billion by that date. Taking in nearly $400 million over the remaining four months is extremely unlikely, the journal predicted.

The Russian box office exceeded $1 billion for the first time in 2010, reaching the highest figure to date, $1.4 billion, in 2013. Last year, the total box office gross in dollar terms already declined, reacting to the ruble losing its value, but still reached $1.26 billion.

Meanwhile, the box office gross in ruble terms and number of admissions have shown a slight growth, by 4 percent and 1 percent, respectively, year-on-year.

Minions is the year's box office champion in ruble terms, to date. But due to currency fluctuations over the course of the year, it is behind Furious Seven and Avengers: Age of Ultron, in dollar terms, according to the database KinoPoisk.