Hollywood is facing losses of up to $ 20 billion by the coronavirus

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The closure of places crowded, and the limitations in movement are essential measures to contain the spread of the coronavirus. Just these changes affect very directly to the film industry, the cinema closed. According to THR, it is expected that this economic impact is the largest in the history in this industry.

One of the movies most anticipated for the month of march was ‘Mulan’, which in the beginning thought to cancel its premiere only in China and other countries but to continue with the rest of their plans. Within those plans, is expected to make a european tour in promotion of the tape that of course is impossible in these moments.

  'Mulan'

The box-office world has already noticed the decline due to the coronavirus, with a loss of at least seven billion dollars. If the situation continues until may the amount lost would have reached seventeen thousand million. And if it continues beyond may, it would be a huge economic disaster.

Postpone the date of the premiere involves a huge cost. In the case of ‘No time to die’, the change of date to November it will cost you to MGM, between 30 and 50 million dollars. This is due to the large burden of advertising is invested in this tape. A clear example is that ‘Mulan’, ‘No time to die’ and ‘Fast & Furious 9’ among other films paid to advertise during the Super Bowl.

Another of cancellations more shocking was the of ‘A quiet location 2’ a week before its release. It is estimated that this cancellation in particular it cost Paramount Pictures about $ 30 million.

Why have you decided not to release their tapes if this carries so much economic impact? Because if estrenasen would lose even more. ‘No time to die’ could raise at the box office, free of coronavirus, 1,000 million. But, if you estrenase on its original date it is estimated that it would raise 300 million. And ‘Mulan’ are expected to raise even higher.

Also cancel the filming

Other productions have had to stop their work of recording and, therefore, also have a negative economic impact. Disney announced that it would stop the filming of many of his films. This has happened for example with ‘Shang-Chi and the Legend of the Ten Rings’ and ‘The little mermaid’. The delay in these recordings it is estimated that costs to the company around 350,000 dollars per day.

Of the tv series we have also known a lot of stops, as in ‘Grey’s Anatomy’, ‘Stranger Things’ or ‘Riverdale’. It remains to be seen also the impact of revenue that will have the television networks and streaming platforms because of the mandatory quarantine of many territories.

The International Alliance of Workers of Theatrical (IATSE) has spoken with THR about the situation of the employees: “It is time that Congress and local governments to prioritize the workers of the arts and the entertainment sector have access to sick days, health insurance and unemployment benefits”. The union argues that the work of the entertainment industry is an important part of the economy: “Economic studies show that spending on entertainment has an impact on communities across the country. The film and television production injected 49 billion dollars in local businesses each year, and the industry to the full provides 2.1 million jobs in economies, city and state”.