Hollywood News

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.

Related Post

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.

Aisha Arshad

Recent Posts

  • Celebrity News

Behroze Sabzwari shares public apology over comments for Khalil-ur-Rehman

Behroze Sabzwari has shared a public apology over his comments for Khalil-ur-Rehman Qamar. During a…

1 hour ago
  • Latest News

COAS Gen Qamar Bajwa performs Umrah

The Chief of Army Staff (COAS), General Qamar Javed Bajwa, performed Umrah on Monday. COAS…

5 hours ago
  • Latest News

Two policemen, polio worker shot dead in North Waziristan

Two policemen and a polio worker were shot dead in North Waziristan on Tuesday. As…

6 hours ago
  • Latest News

PTI gives fresh call for peaceful protests across Pakistan on July 2

PTI gives a fresh call for peaceful protests across Pakistan on July 2!Taking it to…

7 hours ago
  • Lifestyle

5 Reasons to book your first ride with a ride hailing app today to solve Pakistan’s traffic congestion crisis

Millions of people from major urban cities like Karachi, Lahore, and Peshawar every day have…

7 hours ago
  • Latest News

MQM-P’s Kunwar Naveed Jamil in ICU after suffering brain hemorrhage

MQM-P’s Kunwar Naveed Jamil has been admitted to ICU after suffering a brain hemorrhage on…

9 hours ago