As of 17 March, about 7,000 people have died from the coronavirus pandemic. Consequently, governments worldwide have banned gatherings and are encouraging social distancing. This has had a brutal impact on the entertainment industry in decades. Estimates suggest that Hollywood could lose up to $20 billion in box office sales over a year.
Coronavirus leads to worst box office weekend since 2000
Most of Europe has already closed down all the cinemas. The US has also declared a national health emergency. AMC and Regal theatres are only operating at half-capacity, but not for long. Moreover, countries have begun to shut down public gatherings. This weekend, the box office brought in a revenue of about $50 million. For comparison, the weekend after 9/11 reported revenue of $66.3 million. Pennsylvania and New Jersey have already begun to shut down cinemas as coronavirus cases arise.
More than 100,000 cinemas have been closed worldwide. Studios are pulling out tentpole movies e.g. Mulan, Fast Nine, and James Bond. Additionally, all theaters might also get closed. The CDC has recommended canceling all gatherings of 50 people or more. The announcement comes in as no. of coronavirus cases in the US cross 4,000.
Loss of billions of dollars in Hollywood
Taking films off the schedule does not come cheap. It results in the loss of millions of dollars spent on marketing and tours. No Time to Die has lost $50 million due to its postponement to November. However, A Quiet Place: Part II was canceled just a week before its release. Its loss was much deeper as compared to the others, even if it was $30 million. Just these tentpole movies bought Super Bowl ads worth $15 million.
However, movie postponements are not the only factor at play. For the first time in years, the SXSW festival was canceled. It provided a perfect opportunity for artists and filmmakers to showcase their talent, which will go down the drain now. Production of numerous movies and shows has also halted. That includes fan-favorite Mission Impossible which was filming in Venice.