Hollywood executives are bracing for a financial hit amid shuttered movie theaters, delayed productions and canceled premieres as the threat of the novel coronavirus, known as COVID-19, continues to spread worldwide.
Analysts have been reluctant to put a dollar amount on the likely losses, and studio executives say they are continuing to assess the situation, according to multiple media reports.
But this past week, CBS announced that production on the 33rd season of its award winning series “The Amazing Race” has been delayed, and a scheduled three-week shoot in Venice, Italy for Paramount’s “Mission: Impossible 7” that was set to begin Monday was postponed after the Italian government stopped all public gatherings.
“Out of an abundance of caution for the safety and well-being of our cast and crew, and efforts of the local Venetian government to halt public gatherings in response to the threat of coronavirus, we are altering the production plan for our three-week shoot in Venice, the scheduled first leg of an extensive production for “Mission: Impossible 7,” a Paramount spokesperson told the Hollywood Reporter. “During this hiatus, we want to be mindful of the concerns of the crew and are allowing them to return home until production starts. We will continue to monitor this situation, and work alongside health and government officials as it evolves.”
Studios have also cancelled plans for movie premieres in China for films such as Disney’s live action “Mulan” and the latest James Bond film “No Time to Die” since theaters there have been closed since mid-January.
“The impact in 2020 from Covid-19 (coronavirus) on the motion picture business cannot be overstated,” a financial expert told Deadline.com. “The closure of cinemas in China alone is approaching a loss of $2 billion to the global box office.”
The Asia segments of most scheduled concert tours for performers such as BTS and Green Day have also been canceled or postponed.
Executives have been reluctant to go on the record about the costs of or response to the coronavirus, according to Variety, “but privately they said they were taking “a wait-and-see” approach as the number of hotspots expands. Many are in regular contact with the Centers for Disease Control (CDC) and the World Health Organization as they assess the rapidly changing situation,” Variety reported.
To date, more than 2,900 people have died from the disease, including one in the state of Washington, was the first reported in the U.S. Worldwide, an estimated 82,500 people have been infected since the outbreak was first reported in Wuhan, China in December 2019.