HALIFAX -- Everyone's favourite Friday night activity is struggling big time amidst the ongoing COVID-19 pandemic.

The virus has devastated the movie theatre industry and recent data from the company proves it.

According to results released from the Toronto-based company, Cineplex Inc. says their revenue took an 85 per cent dive in the third quarter.

Some theatres began to gradually open over the summer at limited capacity but were forced to temporarily close again in parts of Canada in October after a second wave of COVID-19 hit.

Entertainment reporter Stephen Cooke says many big budget movies are sitting on shelves awaiting release.

“We have been waiting for the new James Bond movie for, I don’t know how long. It is probably finished and ready to go,” said Cooke.

According to Cooke, the pandemic actually came at a time when movie theatres were already feeling some pain.

“I think that a trend of going to theatres less, and less already started prior to Covid,” said Cooke.

There have however been some promising signs of the movie industry bouncing back.

This week, drug manufacturer Pfizer told the world it had made a vaccine breakthrough. As a result of the announcement, the AMC Theatres stock surged 80 per cent

Entertainment expert Carsten Knox also weighed in, saying other dramatic adjustments are also happening where some movies may never make it to the big screen.

“Disney has said they’re going to focus on streaming as their primary way of getting their entertainment to people,” said Knox.

As for the local film industry in the Maritimes, Laura Mackenzie with Screen Nova Scotia says although the beginning of 2020 was a rough start, things are starting to get back on track.

“We just started quite a bit later and production schedules got compounded, but all of the productions that were intended to shoot here, began shooting and were completed for the most part,” said Mackenzie.

Mackenzie said some major productions are still being shot in the region for U.S. networks and various streaming platforms.

CTV News did reach out to Cineplex Cinemas who declined to comment about their situation amidst the pandemic.

They did, however, want to remind everyone about the new private movie night that was just released, where groups of 20 can rent movie theatres for private screenings.