Hollywood is in serious trouble as the coronavirus pandemic continues to spread.
At the moment, movie theaters across America are shut down because of coronavirus, and all the major movies have had their releases pushed. If things don’t change quickly, then box office revenue for 2020 is cooked. (REVIEW: ‘Westworld‘ Shocks In Episode 4 ‘The Mother Of Exiles’ With The Return Of The Man In Black)
According to The Hollywood Reporter, revenue projections from Gower Street Analytics show Hollywood might only make roughly $7 billion in 2020 if theaters are closed for three months.
The $7 billion is an optimistic outlook where people immediately rush back out to movies. If they don’t and it’s a slow build, then revenue could be just $6.36 billion. If the numbers hold, it’d be the lowest box office revenue in 20 years.
The projections from Gower Street Analytics include three months of theaters not opening. I can’t even fathom what the numbers would be if they stay closed through the fall.
Hollywood is getting absolutely hammered by coronavirus, and there’s no other way to put it. I know some movies have come out on streaming, but that’s not even going to put a dent in the losses.
Domestic box office revenue was $11 billion in 2019, according to the same report. Hollywood won’t even come close to that number.
On top of the box office being in an absolute free fall, thousands and thousands of people in the industry have lost their jobs.
We’ll see where the final numbers end up, but it’s clear Hollywood is in big trouble until we figure out a way to win the war against coronavirus.