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'It is a disaster': Coronavirus takes toll on film industry

Video Credit: Reuters Studio - Duration: 01:56s - Published
'It is a disaster': Coronavirus takes toll on film industry

'It is a disaster': Coronavirus takes toll on film industry

The cinema and movie industry is the latest to be hit by the coronavirus as film studios prepare for potentially less than impressing openings for some summer blockbusters.

Many cinemas remain closed across China, the second-largest film market indefinitely as the world combats the effects of the virus.

Adam Reed reports.

The global effect of the coronavirus outbreak may sound like it's straight out of a Hollywood film, but the cinema industry is facing a real crisis at the box office.

With cinemas across China, South Korea, Japan, and Italy largely shut and restrictions on entertainment venues being put in place elsewhere, big blockbuster movies appear in danger of bringing in less money than expected.

Disney and Pixar's latest offering "Onward" led the weekend box office, debuting in the U.S. to $40 million.

Internationally it also brought in $28 million, but did not open a host of countries badly affected by the virus, although it was unclear what impact that had.

China's cinema industry has been particularly badly hit by the coronavirus outbreak as many theaters remain shut as a precaution.

Box office revenues in China fell 80% over the first 8 weeks of the year.

(SOUNDBITE) (English) GEO SECURITIES CEO, FRANCIS LUN, SAYING:' "It is a disaster, just like the airlines because in China all the cinemas are closed." Another big hope for Disney this year was the live action adaptation of "Mulan," which pressed ahead with its Hollywood premiere as planned on Monday (March 9).

The film studios have decided the show must go on for now, even though that means Mulan missing out on China's lucrative market at the moment.

A blow, particularly given the story's attachment to the country.

The major exception to scheduled release dates is the James Bond thriller "No Time to Die," which producers moved to November from April.

However, this past weekend, ticket sales in the world's biggest box office market of North America, rose 1.2% from a week earlier to $100 million, according to measurement firm Comscore.




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