Editorial

REPORT: Film Industry Could Lose $5 Billion Because Of The Coronavirus

Academy Awards (Credit: Shutterstock)

David Hookstead Smoke Room Editor-in-Chief
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The film industry stands to lose a shocking amount of cash because of the coronavirus.

As the virus spreads throughout China and other parts of the world, the film industry could lose $5 billion, according to a report from The Hollywood Reporter. (RELATED: New ‘Westworld‘ Season 3 Trailer Gets Released, Ed Harris Returns As The Man In Black)

One of the main reasons for the lost money is that 70,000 movie theaters in China have closed down because of the coronavirus.

First off, I didn’t even know there were 70,000 theaters in China. That’s absurd. Secondly, and more importantly, the Chinese market is huge for Hollywood.

Behind that, South Korea and Japan also play large roles. Given the fact that’s where the virus is, it’s not good at all for the studios.

Obviously, we want everybody to be safe, but Hollywood also doesn’t want to lose a staggering amount of money.

It just goes to show how powerful the Chinese cinema market is that the coronavirus shutting down theaters is taking a huge bite out of the business.

Around $5 billion is expected to disappear thanks to the coronavirus. It’s just a staggering amount of cash.

Hopefully, the coronavirus situation disappears sooner than later. It’s causing way too many issues.