At this point we have heard over and over how almost everything has shut down due to the current coronavirus pandemic. Hollywood has seen many of it’s television series and films put on hold, theatrical releases are being pushed back and all sports leagues have been postponed. No doubt that the most important thing is the safety and well-being off all of us. But it is interesting to look at what these drastic and necessary actions are costing Hollywood.

Let’s look at a recent example, Disney’s Mulan. Just last Thursday they had finished up their London premiere. Then they got the call that caught no one by surprise. Executives from the mouse had decided to pull the Disney tentpole and cancel the rest of the European junket. Due to travel bans, restrictions at US theaters and more than 70,000 Chinese theaters still closed, Disney really had no choice.

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Other films like MGM’s No Time to Die, Universal’s F9 and Paramounts’ Quiet Place II have also been moved to later dates. According to sources from The Hollywood Reporter, Hollywood is in the process of losses like they have never seem before. To the point where they will well eclipse the eleven figure mark. As of now the coronavirus pandemic has already cost box offices at least $7 billion. Through May that number may rise all the way up to $17 billion.

But the films were just delayed not cancelled so no big deal right? The studios will still make their money right? Yes they will still make money (if people show up, but take a film off a set date so close to it’s release doesn’t come cheap. No Time to Die‘s move to November is going to cost MGM somewhere between $30-$50 million. A Quiet Place II‘s move will cost Paramount about $30 million. F9‘s losses won’t be as bad as it was still two months away from it’s release. But if you account that Mulan, F9 and No Time to Die also had Super Bowl ads, that’s a pretty $15 million on it’s own.

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Despite taking these losses, it was the best financial move they could have made. No Time to Die for would have been projected to have taken a 30 percent loss off of box office numbers. So if for example the film would have made $1 billion worldwide, it would be looking at a $300 million loss. Mulan would have seen a bigger loss as it’s specifically aimed at Chinese audiences.

A lot of bid budget films have also been paused for the time being. Disney has stopped production on Shang-Chi and the Legend of the Ten Rings in Australia. In London production of their live-action Little Mermaid film has also stopped. Matt Reeves’ The Batman film from Warner Bros. also filming in London has recently decided to take a few weeks off. Sources say that that stopping production on the two Disney films could set back Disney $300,000 to $350,000 a day.

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It will be interesting to see how this plays out in the next few days and weeks. For now everyone should keep washing your hands, stay calm and not be the type of people thinking toilet paper is the answer. Pick a few films or series that you’ve been wanting to catch up on and chill at home. Then again, how many of you already do that?

If you staying in, what are you watching? Let us know in the comment section below!

Source: The Hollywood Reporter