Coronavirus Effect on Hollywood is reported to be so bad that over the production delays it could lose over $20 Billion.
The coronavirus continues its rampage across the world. The entertainment industry, in particular, has taken a heavy hit due to its disruptions. According to The Hollywood Reporter, these disruptions could end up costing Hollywood an eye-watering $20 billion in losses
Suspensions And Delays (Coronavirus Effect on Hollywood)
NBCUniversal has suspended production on a whopping 35 shows so far. Other production houses have also followed suit. Netflix’s 2nd season of The Witcher is another major, high-profile show that has stopped filming.
Many movies have had to face disruptions. Films that were slated to come out around this time of year have been delayed. Some of these delays are seemingly indefinite. Other films, such as Fast 9, do have a new release date, but it’s in April of 2021. Considering that this film was all set to come out on May 22, 2020, this is a massive delay.
Other major films, such as Disney’s Mulan, Sony’s upcoming Bond film No Time To Die as well as John Krasinki’s directorial feature, A Quiet Place Part II have all had to move their release dates.
There are other massive tentpoles, such as Marvel’s Black Widow, starring Scarlett Johansson, that are also now likely to be delayed. Marvel has also had to suspend production on their upcoming film, Shang-Chi And The Legend Of The Ten Rings.
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Live Performers And Crew Members Facing Problems (Coronavirus Effect on Hollywood)
The governments of the world are discouraging public gatherings in general. This means that movie theatres have had to either reduce their capacities or shut down entirely. The immediacy with which studios have had to delay movies, some of which were mere days from release, is going to have massive economic ramifications.
All of the money spent on marketing these films is now toast since the movies themselves aren’t coming out on their marketed dates. It’s not just the fact that the coronavirus has delayed movies, either.
When a studio suspends production, the hundreds of crew members who were relying on them for income are now suddenly unemployed. This ban has extended to Broadway, too. All live theater performers are bearing the brunt of this pandemic.
Some Bold Moves
To mitigate some of these losses, NBC Universal has decided to get creative. They are planning to release many of their planned theatrical releases on home video as well. From March 20, 2020, onward, people sitting at home can rent The Hunt, The Invisible Man, and Emma. The same applies to Trolls. It was originally going to come out on April 10, 2020, but will be available for rent at home from the same date.
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All we can do right now is wait and see how this coronavirus pandemic progresses.