Hollywood to Face $2 Billion Loss in Asia Due to Coronavirus
As the Coronavirus continues to spread fear and cities have shut down to prevent further damage, Hollywood may be at forefront of the industries bearing loss due to the pandemic that has killed over 3,000 people worldwide. According to recent estimates, Hollywood might face a loss of $2 billion or more, in Asia alone, if the virus stays for a longer period.
“I have never seen anything where these many films are going to be affected all at once,” said Jeff Bock, senior analyst at Exhibitor Relations.
“There are isolated incidents or tragedies that happen that might affect a certain film. But this really does infect all the industry from top to bottom,” he added.
To begin 2020, James Bonds No Time to Die’s release was halted in China whereas Mulan – scheduled to release in North America next month – has also been canceled to release in the country which can be safely called its prime market.
Albeit that cinema goers in the US are visiting theaters, outbreaks in California, New York, and multiple deaths in Washington state have made the situation uncertain for the American theaters too.
In addition, Tom Cruise starrer Mission Impossible’s planned shooting spell in Italy has also been canceled on the back of the outbreak.
“The longer that goes on, the fewer films that we get in the pipeline for 2021, 2022. This has the potential to really cripple the theatrical industry the longer it goes on,” said Bock.
Apart from canceled releases and postponed shoots, film festivals also have an uncertain future. As Netflix, Amazon, and Apple pull out of SXSW festival, Cannes and CinemaCon is also being reconsidered to be held.
