The global film industry could suffer an estimated loss of £3.8 billion ($5 billion) as a result of this year’s coronavirus outbreak.
The industry is already beginning to feel the adverse effects of the growing health crisis, with one major example being the postponement earlier this week of the release of the forthcoming James Bond film No Time To Die due to fears over the spread of the deadly virus.
Over 70,000 cinemas in China have already been shut for weeks in a bid to stem the coronavirus outbreak in the country, while box office returns in South Korea, Italy and Japan — some of the worst-hit countries after China — have also suffered as a result of the outbreak.
The Hollywood Reporter cites estimates by film analysts which suggest that the coronavirus crisis could result in a loss of at least $5 billion for the movie industry “from diminished box office revenue and impacted production”.
“Motion pictures and most content does well in good economic times, better in bad economic times. However, force majeure trumps the aforementioned,” a source told The Hollywood Reporter this week.
“If people start avoiding mass gatherings, moviegoing will be impacted, as well as production. The impact will be significantly noticeable internationally and increase. The U.S. situation could change quickly.”
However, in a statement issued today (March 6), UK cinema chain Cineworld said that it not had its profits or attendances adversely affected by the coronavirus crisis.
“Although the release of the new Bond movie has been postponed to November 2020… studios have advised us that in the countries in which we operate, they currently remain committed to their release schedule for the coming months and remainder of the year,” a spokesperson added to Reuters.
Earlier this week, organisers of the Cannes Film Festival issued an update about the status of its 2020 event after the affiliated industry networking event MIPTV was cancelled on Wednesday (March 4) due to the coronavirus outbreak.
