Disney is expected to lose up to $350 thousand a day because of the adjustments prompted by the coronavirus. The Hollywood Reporter shared that figure in a larger analysis that saw them estimate that Hollywood as a whole could stand to lose $20 billion from this virus. Just yesterday, the decision was made to pull Mulan’s debut and that will sting a bit for the company. Travel complications from Europe and America are just the tip of the iceberg. Theater closures are even more startling for the $200 million film.
Mulan was looking up at a severely limited market in China and the situation wasn’t looking much better in Europe. About 70,000 theaters in China are still closed and the United States mulling cutting down on giant public gatherings now that concern has intensified. At the moment of writing, the global box office has already sustained a hit of about $7 billion and it would stand to reason that those numbers would increase over time. If the anticipated lift from April and May is taken out of the equation, that would mean around $17 billion lost. But, things could be a little bleaker if the coronavirus lingers longer.
It isn’t just theaters though, Disney had to pause production on some high-profile Disney+ series as well. The Falcon and the Winter Soldier is the big one that people will point to, but this is also an issue for broadcast television as well. Riverdale, Grey’s Anatomy, and a bunch of Late Night shows have also suspended production as of right now. It’s gotten so weird that Netflix put out a list of bingeable content yesterday amid concerns rising. Things are going to look a lot different for all of these companies by the time the fall season begins. For now, Disney is closing down their theme parks and hoping for the best:
"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."
Were you looking forward to some of these big titles at the movies? Do you believe The Falcon and the Winter Soldier will be ready for the fall? Let us know in the comments!