How much will COVID-19 hit the entertainment industry after the James Bond dropout?

COVID-19, aka the new coronavirus, has continued to spread economic problems around the world. The latest casualty is the MGM film studio and the James Bond film analysts expected to report huge box office receipts in April.

It's been five years since 007 last appeared on the big screen Spectrum, which made more than $ 880.6 million worldwide. Experts predicted that on 25^e movie, No time to die, would break records to win the first opening weekend of all time for the James Bond series. However, fears linked to coronaviruses have now postponed the opening of films from April 10 to November 25.

MGM responded to fan pleas

Before MGM talks about their plans for No time to die, an open letter from two James Bond fan sites asked the studio to delay the release of the film. The founders of MI6-HQ and The James Bond case joint forces to emphasize the economic risk of maintaining the original release date.

With a month before No time to die is opening worldwide, community spread of the virus is expected to peak in the United States. There is a good chance that cinemas will be closed or that their attendance will be greatly reduced by the beginning of April, an open letter on MI6-HQ says.

Fan sites then implored studio leaders to put public health ahead of the costs and inconvenience of postponing the release date and all associated advertising events. MGM didn't mention this fan request when they announced a new release date. But it seems likely that the company was aware of the open letter due to media coverage.

MGM, producers of Universal and Bond, Michael G. Wilson and Barbara Broccoli, today announced that after careful review and in-depth evaluation of the global theater market, the release of NO TIME TO DIE will be postponed to November 2020. pic.twitter.com/a9h1RP5OKd

– James Bond (@ 007) March 4, 2020

How badly COVID-19 will hit the
Entertainment industry?

No time to die is hardly the only one derailed by the virus. In fact, many entertainment companies are already experiencing financial difficulties. As Grit Daily previously reported, Paramount Pictures has temporarily stopped filming Mission impossible 7.

Disney made a shocking announcement last month when long-term CEO Bob Iger resigned. The Igers decision came amid losses estimated at $ 280 million due to the closure of Disney theme parks linked to COVID-19 in Hong Kong and Shanghai. Disney executives have also voiced concerns about their planned release from live action Mulan remake.

Although Mulan is currently scheduled for its debut on American and British screens on March 27, the Chinese release is suspended indefinitely. This is a blow to Disney and investors Mulans the main target audience was moviegoers in China. With a price of 200 million dollars, Disney risks losing a lot of money if China is not able to reopen the nations 70,000 theaters soon.

BOX OFFICE: Mulan Atomic FLOP #Mulan Trip to China canceled, followed by the opening of 20 mil with a budget of 300+ mil. Must do 650mil to break even. Leading actress wishing death #HKProtesters made matters worse. Disney could throw it in streaming

The biggest flop in Hollywood history pic.twitter.com/N3CtcuEbpv

– Television and films (@tvs_movies) March 1, 2020

Chinas Studios has turned to
the internet

China canceled all film releases on January 23. The following day, the government ordered the closure of all cinemas and film productions. When it became clear that the coronavirus situation would not be resolved quickly, Huanxi Media did a bold move. They released their planned blockbuster, Lost in Russia, free online. Taking this course of action has almost certainly earned the fledgling studio a place in the minds and hearts of Chinese moviegoers. Although this also resulted in a huge loss of income.

Nine days after tens of millions of locked-in Chinese residents obtained free online access to Lost in Russia, the China iQiyi Inc. studio made a similar move with Enter the Fat Dragon. Meanwhile, other film studios and theaters across the country protested the decision of China iQiyi Inc..

Could American studios follow China
Drive?

With two major Chinese films already released online, US studios and distributors may soon face demands from streaming moviegoers after the delay in the latest James Bond film sparked outrage. With 11 deaths from COVID-19 and a rapidly increasing number of cases in the United States, consumers are already stockpiling supplies. This scenario is even true in states that have not been affected again. In addition, the World Health Organization announced on March 3 that the global death rate from coronavirus has reached 3.4 percent.

We may not see major versions such as
Daniel Craigs in the last round as 007 goes directly to on-demand viewing, but he does not
be surprising for short films to start to follow this path. Chances are high
that the new films will not be released free online in the United States, but on-demand releases
can help thwart significant revenue losses for the entertainment industry.

Stay with Grit Daily to learn all the latest news on COVID-19 and its impact on the economy.