Hollywood Stands To Lose USD20 Billion

Mar 21 • FEATURES • 225 Views • No Comments on Hollywood Stands To Lose USD20 Billion

The Coronavirus pandemic is causing chaos around the world as residents are forced to stay indoors to limit the spread of the disease. But flattening the curve has had some adverse effects on the entertainment industry as potential losses are racking up in the millions daily.

In the United States, some cinema operators are also hoping for a Government bailout as they are facing huge losses due to outlets being forced to shut during this period. The box-office has also taken a beating in recent weeks due to dwindling audiences as they stay away from crowded places.

The impact of a much lower box-office yield this year also stems from the unavailability of the lucrative China market for the past several months due to strict lock down regulations imposed on the country.

The lucrative summer season is already doubtful as many blockbuster films have had their release dates withdrawn due to the pandemic. You can count, Black Widow, Mulan and the latest Bond film, No Time To Die on that list. Films released prior to the shutdown have also had to shift to VOD (video-on-demand) to recoup some of their losses. This includes newly released films such as Bloodshot starring Vin Diesel.

But the damages inflicted unto Hollywood by the Coronavirus are not just affecting current productions. It is also causing delays and further financial difficulties for upcoming productions. So far films such as The Batman, Jurassic World: Dominion and Shang-Chi and the Legend of the Ten Rings have had their productions postponed indefinitely.

For those who rely on streaming services such as Netflix, Disney+ and Amazon Prime, be prepared to face delays of your favourite shows as well. Production has also been halted on shows such as Stranger Things Season 4, Red Notice, Falcon and the Winter Soldier and the Lord of the Rings prequel series.

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