How Much Hollywood Might Lose To Coronavirus
Jesse Grant/Getty Images By Christine-Marie Liwag Dixon/March 17, 2020 12:35 pm EST
With all of the worries about the COVID-19 novel coronavirus spreading, the world has been hit hard. Many people are in self-isolation, while some cities have told people not to leave their homes for anything except essential business and shopping. This is already starting to take a toll on the economy, as businesses and restaurants shutter their doors in an effort to contain the virus.
Even Hollywood is being severely impacted by the spread of coronavirus. Several celebs have already been diagnosed with COVID-19 and movie theaters have shut down all over the world. The London premiere of the live-action Mulan film was downsized on March 12, with the red carpet as well as the media line-up cancelled (per Reuters). Shortly after, Disney postponed the film’s theatrical release indefinitely. According to The Hollywood Reporter, the global box office has already lost at least $7 billion, and stands to lose much, much more. If the COVID-19 pandemic continues on at this rate, the industry is expected to lose a total of $17 billion by the end of May.
How Much Hollywood Might Lose To Coronavirus
Jesse Grant/Getty Images
By Christine-Marie Liwag Dixon/March 17, 2020 12:35 pm EST
With all of the worries about the COVID-19 novel coronavirus spreading, the world has been hit hard. Many people are in self-isolation, while some cities have told people not to leave their homes for anything except essential business and shopping. This is already starting to take a toll on the economy, as businesses and restaurants shutter their doors in an effort to contain the virus.
Even Hollywood is being severely impacted by the spread of coronavirus. Several celebs have already been diagnosed with COVID-19 and movie theaters have shut down all over the world. The London premiere of the live-action Mulan film was downsized on March 12, with the red carpet as well as the media line-up cancelled (per Reuters). Shortly after, Disney postponed the film’s theatrical release indefinitely. According to The Hollywood Reporter, the global box office has already lost at least $7 billion, and stands to lose much, much more. If the COVID-19 pandemic continues on at this rate, the industry is expected to lose a total of $17 billion by the end of May.
Even Hollywood is being severely impacted by the spread of coronavirus. Several celebs have already been diagnosed with COVID-19 and movie theaters have shut down all over the world. The London premiere of the live-action Mulan film was downsized on March 12, with the red carpet as well as the media line-up cancelled (per Reuters). Shortly after, Disney postponed the film’s theatrical release indefinitely.
According to The Hollywood Reporter, the global box office has already lost at least $7 billion, and stands to lose much, much more. If the COVID-19 pandemic continues on at this rate, the industry is expected to lose a total of $17 billion by the end of May.
Several studios are shutting down production
Shutterstock
While insurance may cover some of the losses, it’s uncertain how much that will help Hollywood. “If we are talking in terms of protecting lost revenue due to enforced shutdown or scale-down of operations, some property policies may offer limited amounts of coverage, although many have specific communicable diseases exclusions,” attorney John Tomlinson told the outlet.
