How Badly Is The Coronavirus Affecting The Film Industry?

Without a doubt, the proliferation of the deadly coronavirus is a deeply tragic thing. As of this writing, over 1,000 people have died from it (though most have resided within mainland China), and it has led to extreme measures all over the globe. The World Health Organization has declared the outbreak as a global health emergency, in hopes that it would allow them to act quickly and prevent further spreading.

Of course, the truly tragic thing about it are the lives affected and lost to the ailment, but it is something that will also have huge impact on the film industry. According to Variety, cinemas have been shut down and productions have been halted entirely. This has disrupted talent and crew schedules and production company stocks have tumbled as well.

“In the short term especially, the impact is huge,” Li Dan, a Beijing-based film festival organizer, told Variety. “And the hardest thing is that we don’t know when this virus will stop.”

Regardless of that big fat question mark, the assumption at this point is that theaters will remain closed until April. But you never know how the virus life cycle will turn out.

RELATED – China Calls For Recut Once Upon A Time In Hollywood For Release, Tarantino Refuses

“If, God forbid, we’re still talking about this virus by summer and theaters are not operating and the country is in a form of economic paralysis, that impact is way beyond a movie,” one anonymous source told the outlet. “For their local movie business, studios are only a [portion] of it. The local industry usually accounts for 55% to 60% of box office revenue, and exhibition is 100% owned by China. Their loss dwarfs anything the studios have at risk.”

Exhibitors are also huge losers here. CEO of Chinese distributor United Entertainment Partners, Jiang Wusheng, believes that unless the government intervenes, some cinemas will shutter permanently. This could lead to a situation where some cinemas are acquired by bigger chains. And even if the coronavirus goes away, there is disagreement as to whether or not the rebound will be quick or slow from consumers. Some think viewers won’t risk it while others think they’ll be pent up and ready to watch more movies.

“Companies like Huayi Brothers, Ding-long Culture, Great Wall Movie & Television, Lead Eastern Investment, and Talent TV and Film, which have lost money for two consecutive years already, will likely go bust,” independent producer Shan Dongbing told the outlet.

International Implications

And, of course, this will affect studios outside of China. Over the past 15 years or so, the international box office has increased in overall importance. Hollywood relies on foreign ticket sales to help push their movies into money-making territory. In fact, with certain projects, like Venom, were it not for China, the movies would likely gross hundreds of millions of dollars less.

With films like Mulan coming down the pipe from Disney, this is likely to have a huge impact. And since we have no idea when theaters will reopen, it is impossible for studios to effectively reschedule movies.

So…like many things in life, all we can say is…the future is unclear. It’ll all depend on how quickly this outbreak subsides, and even when it does, we have no way of predicting if consumers will take to the theaters.

What do you think? Will this be something that impacts the international box office for years to come? Let us know your thoughts down below!

Don’t forget to share this post on your Facebook wall and with your Twitter followers! Just hit the buttons on the top of this page.

—–

Have you checked out LRM Online’s official podcast feed yet The LRM Online Podcast Network, which includes our flagship podcast Los Fanboys, our premiere podcast Breaking Geek Radio: The Podcast, and our morning show LRMornings? Check it out by listening below. It’s also available on all your favorite podcast apps!

Subscribe on: Apple Podcasts |  Spotify  |  SoundCloud | Stitcher | Google Play

SOURCE: Variety

Continue the LRM Online conversation on Discord by CLICKING HERE!

----- GenreVerse Have you checked out LRM Online’s official podcast feed yet The Genreverse Podcast Network? This includes our premiere podcast The Daily CoGBreaking Geek Radio: The Podcast, GeekScholars Movie News, Nerd Flix & Chill, Marvel Multiverse Mondays, Anime-Versal Review Podcast, and our Star Wars dedicated podcast The Cantina. Check it out by listening below. It's also available on all your favorite podcast apps! Subscribe on: Apple PodcastsSpotify |  SoundCloud | Stitcher | Google Play Grow Generation

Joseph Jammer Medina

Joseph Jammer Medina is an author, podcaster, and contributor at LRM Online. A graduate of Chapman University's Dodge College of Film and Television, Jammer's always had a craving for stories. From movies, television, and web content to books, anime, and manga, he's always been something of a story junkie.

Read Previous

So, Is Taika Waititi Doing Star Wars Or Akira? He Sets The Record Straight

Read Next

It’s Official: Rick Moranis Has Signed On To Honey I Shrunk The Kids Reboot!

This website is using Google Analytics. Please click here if you want to opt-out. Click here to opt-out.