As the coronavirus pandemic sweeps across the world, major movies have had to halt production or postpone their releases, and it's taking a substantial financial toll on the entertainment industry. According to The Hollywood Reporter, Hollywood could be hit with a $20 billion loss this year due to the impact of coronavirus-related decisions across film and television.
Every day, we learn of numerous studio shutdowns, release dates being substantially delayed, and productions being suspended. On a smaller scale, the financial impact is already staggering, for instance, No Time to Die's delay could mean a $30 to $50 million hit. And with release date delays on big tentpoles like Mulan, A Quiet Place Part II, Fast 9, and The New Mutants, Hollywood will have to brace for impact.
Production delays also amounted to staggering losses. THR estimates a delay on a project like Shang-Chi and the Legend of the Ten Rings would cost $300,000 to $350,000 a day. Depending on the length of a particular production delay, we could see even more release dates moved as a result, further sending increasing numbers.
So far, THR reports the global box office has already taken a $7 billion hit, yet these numbers could climb if these cuts, closures, and delays continue through May.