Current Contest Banner


EFX Subscriptions

News Bits & Rumors

Movie and TV Related News Items and Rumors.

Hollywood: Expected To Lose 350K Per Day

Postby bankska22 » Mar Mon 16, 2020 6:05 pm



With the coronavirus sweeping the world, Hollywood productions have been forced to shut down all over the world, movie release dates are being delayed, and studios are shutting down. Because of that, we knew Hollywood was going to take a big financial hit and now we have an idea of how big that is going to be.

All those movies being delayed comes at a cost and studios could lose $30 to $50 million just on marketing losses for each of those films. Then you have all the movie theaters that have been shut down overseas and the theater chains here in the states limiting their theater capacity to 50%.

The dust isn’t even close to settling on the economic impact of the coronavirus pandemic. THR reports that “early estimates indicate that the blow will be unlike anything Hollywood has experienced before and losses will well eclipse the eleven-figure mark, even if conditions remain the same instead of taking a turn for the worse.”

So what kind of numbers are we looking at? The report goes on to say:

   As it stands now, the global box office has already taken a coronavirus hit of at least $7 billion. If the remainder of March, April and May are included, lost revenue would climb another $10 billion, making a total loss of approximately $17 billion. And if the crisis continues beyond May, all bets are off.

The report goes on to say that all of the production shutdowns at Disney could cost the studio up to $350,000 per day! One producer explains, "It's not like you can stop on a dime. You need to keep department heads going and maybe a level down from there through the hiatus."

It’s also unclear if any of these losses are going to be covered by insurance. Attorney John Tomlinson, who specializes in insurance and risk management law, explains, "If we are talking in terms of protecting lost revenue due to enforced shutdown or scale-down of operations, some property policies may offer limited amounts of coverage, although many have specific communicable diseases exclusions.”

So, as expected, Hollywood is going to be heavily financially affected by all of this and it’s going to be really interesting to see what it’s like when all these studios start to move back into normalization.
Image
User avatar
bankska22
Moderator
#1 Dallas Cowboy's Fan!
Topic author
Posts: 6367
Topics: 998
CoverArt: 1551
Resources: 48
Joined: February 20, 2011
Medals: 6
EFX 5K Post Club (1)2019 June Cover Contest (1)COTM March 2019 (1)2014 Action Label Design Comp (1)
2014 Design Merit Contest (1)2012 Summer Blockbuster Cover (1)

Re: Hollywood: Expected To Lose 350K Per Day

Postby chouette » Mar Mon 16, 2020 10:08 pm

Oh wow, that's quite a loss of revenue!! It gives you a good idea how much these blood suckers make in profit huh? lol
Image
User avatar
chouette
Site Moderator
In my defense, I was left unsupervised.
Posts: 7200
Topics: 238
CoverArt: 3385
Resources: 183
Joined: May 29, 2013
Occupation: Annoy Wrench
Location: Ontario, Canada
Medals: 13
EFX Camp Counselor 2020 (1)EFX ShoutBox Champ 2019 (1)Contributor Of The Year 2019 (1)EFX 5K Post Club (1)
Superwoman 2019 (1)Ouija Owl 2019 (1)EFX ShoutBox Champ 2018 (1)EFX Master Sleuth (1)

Re: Hollywood: Expected To Lose 350K Per Day

Postby Jazzy » Mar Mon 16, 2020 11:34 pm

They will be back and kicking!
Image
User avatar
Jazzy
Administrator
It must be 5 O'clock somewhere on this planet....Beer Time!
Posts: 4919
Topics: 291
CoverArt: 306
Resources: 294
Joined: December 6, 2012
Occupation: Retired
Location: Québec
Medals: 5
Jazzy 1500 (1)Jazzy 1000 (1)2016 Design Merit Contest (1)Jazzy 500 (1)

Re: Hollywood: Expected To Lose 350K Per Day

Postby ctaulbee » Mar Tue 17, 2020 3:30 pm

They will hardly notice it, bet none of them go bankrupt... they just like to whine.
Image
You can find all my covers by clicking the spine image, if you download any please leave a comment or smiley, thanks
User avatar
ctaulbee
Super Administrator
Hand Me The Sledgehammer... I'll Fix It!
Posts: 15018
Topics: 1021
CoverArt: 2593
Resources: 10335
Joined: November 8, 2005
Occupation: The Devil's Hand
Location: Realm of Nightmares
Medals: 44
COTM February 2020 (1)COTM January 2020 (1)COTM December 2019 (1)COTM November 2019 (1)
2019 November Cover Contest (1)COTM August 2019 (1)COTM June 2019 (1)COTM April 2019 (1)

Re: Hollywood: Expected To Lose 350K Per Day

Postby bankska22 » Mar Wed 18, 2020 5:43 pm

So true!!
Image
User avatar
bankska22
Moderator
#1 Dallas Cowboy's Fan!
Topic author
Posts: 6367
Topics: 998
CoverArt: 1551
Resources: 48
Joined: February 20, 2011
Medals: 6
EFX 5K Post Club (1)2019 June Cover Contest (1)COTM March 2019 (1)2014 Action Label Design Comp (1)
2014 Design Merit Contest (1)2012 Summer Blockbuster Cover (1)

Re: Hollywood: Expected To Lose 350K Per Day

Postby topmeasure » Mar Thu 19, 2020 7:48 am

The kind of money they rake in every year, I don't feel a bit sorry for them.
User avatar
topmeasure
Forum Director
I Give You One Like!
Posts: 4985
Topics: 374
CoverArt: 447
Resources: 462
Joined: August 22, 2012
Occupation: Self employed
Location: Sarasota, Fl.
Medals: 3
EFX Froum Champ 2019 (1)EFX Froum Champ 2018 (1)topmeasure 500 (1)


  • Similar topics
    Replies
    Views
    Last post

Return to News Bits & Rumors



Who is online

Users browsing this forum: No registered users and 1 guest


EFX Subscriptions