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Film industry set to lose $20 billion from coronavirus

coronavirus, film industry

It’s no secret that 2020’s coronavirus pandemic has had a destructive impact on the arts. With Australia already having lost over $25 million in income from the cancellation of gigs and festivals, the global film industry is next to take the hit.

The current pandemic is estimated to cost the film industry $20 billion, 4 times higher than what had been originally predicted by Hollywood figures ($5 billion).

coronavirus, film industry

Production halts. Delayed releases. Bans on mass gatherings. COVID-19 is estimated to cost the film industry over $20 billion.

With countries continuing to go on lockdown and global bans on mass gatherings taking place, the global box office is suffering. Production on a number of massive titles have already been suspended and many high profile releases have been postponed, costing the industry $7 billion already.

Among those completed films that will now be released at a later date are Disney’s live-action Mulan, A Quiet Place II and Daniel Craig’s final stint as James Bond, No Time To Die. The new Bond is scheduled for release in November 2020, due to its predicted box office success. John Krasinski and Emily Blunt’s sequel release is yet to be re-scheduled.

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March 16, 2020