The Coronavirus outbreak (COVID-19) might be a huge danger to everyone's health but it also has a major impact on the entertainment industry. After all, several events, premieres, and productions have been cancelled or postponed for safety precautions in the next few months. Unfortunately, the pandemic could potentially cause a $20 billion loss for Hollywood.
The Hollywood Reporter reveals that the delays are expected to make Hollywood lose up to $20 billion in 2020. Unfortunately, the numbers could be higher if COVID-19 continues to be a problem all the way until summer.
It's understandable why the loss is so great. The pandemic has already forced possible blockbusters like A Quiet Place II, Mulan, Fast 9, and No Time to Die to be delayed. In addition to that, the production of new films and TV shows have been put on hold as well.
IATSE International President Matthew D. Loeb offered a thorough explanation of the possible losses.
"Right now, thousands of our members across all sectors of the entertainment industry are suffering financial hardship because of government-mandated cancellations," Loeb said. He then stated how important the entertainment industy is to the economy.
"Entertainment workers shouldn't be collateral damage in the fight against the COVID-19 virus. But this isn't just about us. Economic studies demonstrate that entertainment spending reverberates throughout our communities nationwide. Film and television production alone injects $49 billion into local businesses per year, and the overall entertainment industry supports 2.1 million jobs in municipal and state economies," Loeb stated.
For now, it is still unclear how long COVID-19 will be a global problem. Hopefully, the outbreak can be contained as soon as possible.
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