Global Film Industry Facing $5 Billion Loss Amid Coronavirus Outbreak

Two workers wearing face masks at a promotional stand for Disney's 'Mulan' in an almost empty shopping mall in Beijing on Feb. 16

As of late Monday, the virus, which causes the respiratory illness known as COVID-19, had infected over 90,000 and claimed more than 3,000 lives worldwide. The vast majority of the deaths have been within China, where the virus emerged, but more new cases are now being found outside of the country than within it. South Korea saw its confirmed infections nearly double over the weekend to 4,300.

Over the weekend, box office revenue in South Korea, the world's fifth-largest market, was down a staggering 80 percent year-over-year. The No. 1 film was Universal and Blumhouse’s horror pic, which debuted to a relatively tepid $1.1 million. "Theaters are open, but they might as well not be," one distributor noted toIn February, revenue in South Korea slid nearly 70 percent.

“The atmosphere of fear is palpable,” said an official at CGV. “The situation is similar to what we’ve seen during the spread of swine flu in 2009, when there were 80,000 infected cases in Korea.” Italian box office has dropped in response. Revenue fell 44 percent in the first weekend following the closures. Total receipts this past weekend were down 76 percent compared to a year prior. Leading indie exhibitor Vue International noted it has closed 17 sites in northern Italy on the instructions of the Italian authorities.

Japanese Prime Minister Shinzo Abe sent shockwaves through the country last Thursday by abruptly closing all elementary, middle and high schools until the start of April to stem the spread of the virus. At a virus task force meeting last Wednesday, he called on event organizers to “cancel, postpone or hold sports and cultural events nationwide on a smaller scale than planned for the next two weeks.

Cinema is the perfect place to spread virus. Just saying

The loss should be a result of producing shitty movies these days.

With temperature growing, virus will be defeated! High-quality movie will survive!

Just take it to stream at a higher new release price. Say $5.99. I would go over $6.00

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