Here's How Much Money Box Offices Have Lost Already Because of Coronavirus

Box offices have already lost a ton of money because of coronavirus. The Hollywood Reporter [...]

Box offices have already lost a ton of money because of coronavirus. The Hollywood Reporter calculated it all up and the results are kind of wild. It turns out that the various studios have already lost $7 billion dollars globally and that number could climb in the coming months if things don't start to get better. Their larger estimate speculates that the entire industry could lose as much as $20 billion from this stoppage. Disney is one of the companies that has already felt the sting of coronavirus acutely.

The company is expected to lose about $350 thousand a day because of the film schedule adjustments and closing their theme parks. Disney had to pull Mulan from theaters this week before it had the chance to debut on the 27th. It made that decision along with The New Mutants and some other projects. The large tentpole film cost $200 million to make and the box office prospects for it were grim after so many theaters in China remain closed and things becoming more serious in the United States.

MGM joins Disney in their creative restructuring as they moved James Bond's latest adventure, No Time to Die to November. That will cost the film about $30-$50 million by the time it makes it to theaters. A Quiet Place II was also moved, but no date has been announced for when the sequel thriller will release. Add to those measures the fact that Universal exercised extreme caution by bumping Fast and Furious 9 to next year. That move will likely clear it of any complications, but many fans were upset by the decision.

Add all of this to the fact that Disney is effectively shutting down it's theme parks until this all blows over, and you can start to see where companies are growing more concerned.

"In an abundance of caution and in the best interest of our guests and employees, we proceeding with the closure of our theme parks at Walt Disney World Resort in Florida and DIsneyland Paris Resort, beginning at the close of business on Sunday, March 15, through the end of the month. Disney Cruise Line will suspend all new departures beginning Saturday, March 14, through the end of the month.

"The Walt Disney Company will pay its cast members during that closure period. The hotels at both Walt Disney World and Disneyland Paris will remain open until further notice. The retail and dining complexes, Disney Springs at Walt Disney World and Disney Village at Disneyland Paris, will remain open. Domestic Walt Disney Company employees who are able to work from home are being asked to do so, including those at The Walt Disney Studios, Walt Disney Television, ESPN, Direct-to-Consumer, and Parks, Experiences, and Products. We will continue to stay in close contact with appropriate officials and health experts."

Do you think that No Time to Die will stick to that release date? How have your summer plans been affected? Let us know in the comments!

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