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Global Film Industry Facing $5 Billion Loss Amid Coronavirus Outbreak

Saya

Saya

Member
Oct 25, 2017
4,972
www.hollywoodreporter.com

Global Film Industry Facing $5 Billion Loss Amid Coronavirus Outbreak

The coronavirus could cost the film industry more than $5 billion in lost revenue as the box office slumps in China, South Korea, Italy and Japan.
www.hollywoodreporter.com www.hollywoodreporter.com

China's theaters are closed, while box office revenue in South Korea and Italy has dipped and "the outlook is unpredictable."

In 2019, the international box office soared to a record $31.1 billion, contributing to a worldwide haul of $42.5 billion, likewise an all-time high. But the celebration by the global film industry has quickly been replaced by anxiety because of coronavirus, which many public health officials are now calling a global pandemic — one that could keep populations around the world away from public spaces, like multiplexes, for weeks or months.

As of late Monday, the virus, which causes the respiratory illness known as COVID-19, had infected over 90,000 and claimed more than 3,000 lives worldwide. The vast majority of the deaths have been within China, where the virus emerged, but more new cases are now being found outside of the country than within it. South Korea saw its confirmed infections nearly double over the weekend to 4,300.

Movie theaters have been shuttered in China for weeks, but the virus is beginning to heavily impact moviegoing in South Korea, Italy and even Japan, the world's third-biggest film market. Some analysts believe COVID-19 could already result in a loss of at least $5 billion from diminished box office revenue and impacted production. That number could grow if moviegoing falters in other markets, including the U.S., where there have been 100 confirmed cases and six deaths to date.
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Deleted member 21709

User requested account closure
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Oct 28, 2017
23,310
Perhaps movie rental and digital game sales will go up? They should just release new movies digitally from day 1 so people don't have to take unnecessary risks.
 
Vincent Alexander

Vincent Alexander

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Oct 26, 2017
19,736
Folks have been expecting this to have a huge impact. I feel bad for people sitting around at home with no jobs, waiting for productions to open back up.
 
ChrisR

ChrisR

Member
Oct 26, 2017
6,795
""$5 Billion"" aka maybe a few thousand dollars of real money after Hollywood finishes their accounting
 
Sec0nd

Sec0nd

The Fallen
Oct 27, 2017
6,045
Vincent Alexander said:
Folks have been expecting this to have a huge impact. I feel bad for people sitting around at home with no jobs, waiting for productions to open back up.
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Not in Hollywood, but the production company I've been working with has had a few productions canceled because of Corona scares. And I'm currently in preproduction for a project which I fear might run the risk of being canceled as well.

It's really strange to be impacted by something that is invisible.
 
K' Dash

K' Dash

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Nov 10, 2017
4,156
hopefully this pushes day 1 rentals of new movies so I have to never step into a movie theater again.
 
ObbyDent

ObbyDent

Attempted to circumvent ban with alt account
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Oct 27, 2017
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Los Angeles
This ain't just Hollywood, nerds. This is big and small companies, from every country.
 
Sanka

Sanka

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Feb 17, 2019
5,778
Man, that's sad. All this money these billion dollar companies could have made is lost.
 
Boy

Boy

Member
Apr 24, 2018
4,556
Well to be fair lots of businesses are losing money, well except for the toilet paper industry...
 
Maxim726x

Maxim726x

Avenger
Oct 27, 2017
13,050
inguef said:
Perhaps movie rental and digital game sales will go up? They should just release new movies digitally from day 1 so people don't have to take unnecessary risks.
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Didn't Netflix see an uptick in their stock price this week?

Believe LiveNation was down as well.

Sanka said:
Man, that's sad. All this money these billion dollar companies could have made is lost.
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Pretty myopic.

How about all of the people employed in the movie industry? In movie theaters?

It's not just the billion dollar companies that feel the pain.
 
BarringGaffner

BarringGaffner

Member
Nov 11, 2017
2,249
There will be a few more big franchises that push due to the Coronavirus. Bond was the first but I have already heard about a few others.

This doesn't immediately effect me in the VFX industry but I wonder if this has long term effects over a few years like the writers strike did.
 
Sanka

Sanka

Banned
Feb 17, 2019
5,778
Maxim726x said:
Didn't Netflix see an uptick in their stock price this week?

Believe LiveNation was down as well.



Pretty myopic.

How about all of the people employed in the movie industry? In movie theaters?

It's not just the billion dollar companies that feel the pain.
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This will only affect their profit margins as it's a temporary situation. Films are not projects that get done in like a week. The films coming out next year are being worked at right now and that will not change.

People employed in the movie industry were never going to see any of the profits either way. Trickle down economics doesn't work that well or so I have heard.
 
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