Movie Industry Estimated To Lose $20 Billion From Coronavirus Fears
Earlier this month, there was a cascade of performing artists, movies, and popular music and film festivals canceled as a preventative measure against the coronavirus, or more specifically, COVID-19.
For instance, the president of the Cannes Film Festival released a statement claiming they were monitoring the situation and would cancel the event if it was deemed necessary.
Rumor has it that Coachella is doing the same thing, after the cancelation of South By Southwest Film Festival as well as a few others. It goes without saying that the coronavirus has had a massive impact around the world, especially on the economy.
The entertainment and film business is no different. No Time To Die , the final installment of the James Bond franchise with Daniel Craig as the leading actor, was also postponed until November of this year. The same thing was done for Fast and Furious 9.
According to The Hollywood Reporter, the coronavirus will likely cause a loss of revenue of around $20 billion. The outlet claims that the loss in profits and in revenue will be "unlike anything the movie business" has seen before, with cancelations of some of the most anticipated movies, including Disney's Mulan.
After Donald Trump announced he was implementing a travel ban to Europe, which has been highly affected by the virus, Disney had to scrap their plans to promote Mulan. Thus far, the movie business has taken a hit of approximately $7 billion the outlet claims.
Assuming the spread of the coronavirus continues to impact markets in the way that it has for the rest of March, April, and May, the estimated losses will hover around $10 billion. It was also reported earlier this month that the temporary postponement of the next James Bond movie will cost the studio around $30 million.
Followers of the coronavirus know that it has led to the closure of many movie theaters around the world, especially in China, which is extremely important to Hollywood and the studios. If the studios continue to release movies as originally planned, they face massive losses.