Hollywood Box Office Plummets To Lowest Level In 20 Years Amid Coronavirus Panic
The COVID-19 pandemic has been hitting the global economy very hard. Earlier this week, it was reported by multiple outlets, but The Hollywood Reporter specifically, that the coronavirus had led to losses of around $7 billion thus far, with estimates stating it could go up to $20 billion.
According to Billboard, the film industry’s revenue just went down to a 20-year low. There haven’t been official numbers released yet, but estimates show that there will be losses around $56 million. Billboard reports that the last time there were losses to this effect was back in September 2000.
In September 2001, just two weekends after the Twin Towers went down, movie theaters were still earning more than what the numbers show today. This Saturday, Pennsylvania and New Jersey countries demanded that movie theaters shut their doors for now.
Earlier this month, it was confirmed that No Time To Die and Fast and Furious 9 were both postponed, with No Time To Die coming out in November of this year, rather than in April like initially planned. The postponement of the film internationally came not long after it was shut down in China.
One distribution source who spoke with Billboard claimed that the marketplace has been “hit very hard” and the coronavirus’ effect will continue to be seen across the industry, especially this weekend. Movie theaters have since been closing all over the world, including in Germany and in the United Kingdom.
If social media is any indication of general public opinion, panic has set in. Yesterday, Jana Kramer took considerable heat from social media users when she confirmed that she was still on her way to Canada with her husband and two kids, despite warnings for travelers to stay at home.
Kramer later took to her IG Stories to defend herself, arguing that producers told her the production process would continue as planned. Kramer argued that she had to leave the country for Canada for work, or she faced being sued for not showing up.
Today, The Batman, starring Robert Pattinson, also temporarily halted production for the next two weeks. The film is scheduled for release next year.