CoronaVirus has infected Hollywood pretty badly
Financially we mean.
The Novel Coronavirus has caused an uproar around the world. According to worldmeters.info, it has spread to 86,602 people, killing nearly 2,977 of them. As a result, these statistics have caused a lot of panic across the globe. People are panicking, markets are in freefall, but that is not all. Apparently, COVID-19 has infected Hollywood too. However, we’re talking about its effect on the box office and movie productions. It has taken a massive toll on the industry, and it will take some time to recover.
The world is in high alert for Coronavirus
The World Health Organization has not yet declared the Coronavirus a global pandemic. However, it is telling countries to be better prepared. It does have the potential to be a pandemic, but it isn’t there yet. Moreover, current stats state that it has a 2% mortality rate. A detailed analysis of its mortality rate is under process. However, the panic created is enough to cause Hollywood some serious damages. Here are a few of them.
A hit to the Box Office
The box office has faced a massive blow. Due to the closure of cinema screens in China, Hollywood has lost more than $1 billion in revenue. This is a massive blow, as China accounts for almost 20% of the global revenue. All the major studios are pausing their release in China. Everyone’s eyes are on how the Coronavirus affects release schedules. If movies are released in bulk, it would affect sales negatively. Moreover, there is no guarantee of audiences showing up to theatres either once the closure has ended. People would avoid crowds, and that is not good news for studios. However, revenue collection isn’t the casualty. Productions have also taken a hit.
A delay in production
Production delays have already occurred. For example, Mission Impossible is already delayed. And there isn’t good news for other films either. The Novel Coronavirus has now spread across 30 countries. And that is why films across the world will suffer. The list also includes James Bond, as its premiere was canceled. Moreover, Disney’s “Mulan” could also face a potential delay. And that is not good news for Disney. Their target audience for this film was primarily Chinese. That is why they delayed the release for now. Things are looking bleak if COVID-19 continues to cause havoc.
Hollywood – no different than any other industry
The global economy and oil trade have faced massive blows because of Coronavirus. Similarly, Hollywood is no different from them either. However, stopping the disease from spreading is the most important thing right now. Human lives are way more important than revenues. And It is important that Hollywood shows restraint and stops this contagion from spreading. We hope a vaccine is on its way soon so that normal service could be resumed!