Yahoo Finance Coronavirus is costing Hollywood, TV and Broadway billions of dollars
The coronavirus pandemic has the entertainment industry at a standstill.
Disney (DIS) will reportedly halt the production of all live-action films and shows, according to CNBC. This comes after the media giant officially postponed the global release date of its live-action “Mulan” remake.
Paramount’s “A Quiet Place: Part II”, along with other blockbusters like “Fast and Furious 9”, “No Time to Die” and “The New Mutants” also postponed release dates, as the pandemic continues to infect hundreds of thousands worldwide.
China has shut down nearly 70,000 movie theaters, with no plans to re-open until at least April.
Overall, the global box office is expected to take a possible $5 billion hit due to the shift in production schedules and theater closures, amid what JPMorgan Chase analysts called a “softness in recent weeks” in movie box office receipts.
The firm noted that weekend box office numbers were down about 20% from recent trends — suggesting a 40% dip for the full week compared to the same period last year.
Meanwhile, Tom Hanks, along with his wife Rita Wilson tested positive for the coronavirus in Australia where Hanks is currently filming the new Elvis Presley biopic. The couple is currently in quarantine.
Coronavirus hits late night comedy, reality TV
The outbreak has even crept into television — from reality TV to late night comedy.
“Late Night with Seth Meyers”, “The Tonight Show Starring Jimmy Fallon” and “The Late Show With Stephen Colbert” all announced they will suspend production for two weeks as NYC works to contain the outbreak.
Meanwhile, production has been halted for the popular CW series “Riverdale” after a crew member tested positive for COVID-19.
Other disruptions include CBS announcing that “Survivor” will begin filming in May rather than this month, while Apple TV+’s “The Morning Show” took a two-week break from filming as a precautionary measure “to assess the situation.”
And The Big Apple officially shut down Broadway on Thursday night — shuttering its doors through April 12th. The news comes after a volunteer usher tested positive for the coronavirus at two theater locations in Manhattan.
The decision threatens the existence of smaller productions that rely on international tourism and ticket revenue to survive. The New York Post reported that even “Phantom of the Opera” — the longest-running show on Broadway — could potentially shut down forever as a result of the closures.
Prior to the announcement, JPMorgan Chase analysts revealed that ticket sales were already down 10% compared to their average prices in recent years.
Alexandra Canal is a Producer at Yahoo Finance. Follow her on Twitter @alliecanal8193
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