How Coronavirus Has Hit the Movie Industry (Photo by Nathan Engel)
Since early 2020, the world has been gripped by the on-going COVID-19 pandemic. Despite drastic measures designed to curb the spread of the virus, it continues to wreak havoc in virtually every country around the world.While the health implications of COVID-19 have been the most pressing factor, there’s no doubt that the economic impact of the virus is continuing to affect industries. Virtually every sector has been affected by COVID-19, but some have been hit harder than others.
The entertainment industry, as a whole, has been forced to suspend numerous productions and delay movie releases due to the on-going COVID-19 restrictions. While the demand for at-home entertainment continues to soar, the movie industry has been unable to operate for the majority of 2020.
Why Aren’t Movies Being Released?
Popular firms are always eagerly anticipated by fans, with many people booking tickets to see the film months in advance. Major franchises are always winners for movie companies, which is why people are continually asking, how successful will the new Bond film be? However, movie fans have been disappointed this year, as release dates continue to be pushed back.When major titles are released, they typically make hundreds of millions of dollars for production companies. Additionally, directors, actors, and producers can garner accolades and awards upon the release of a big picture.
If production companies choose to release major titles now, they stand to make a significantly reduced profit. While some movie theaters remain closed and unable to show the film, others are operating with limited capacity. This means far fewer people can access a viewing, which equates to lower box office figures.
In addition to this, many people are understandably worried about attending public venues, like movie theaters and comedy clubs. Even when these venues are open, the on-going concern about transmitting or contracting the virus is causing people to stay at home, rather than attend.
How Coronavirus Has Hit the Movie Industry (Photo by Tuur Tisseghem)
What Does the Future of the Industry Look Like?
Sadly, the arts industry has been severely affected by COVID-19. Many people who work behind the scenes in movies, television, or theater work on a self-employed basis. This means they’ve been unable to generate an income while productions have been halted and live performances stopped.While larger companies have been able to weather the financial storm caused by coronavirus, smaller production firms and movie companies may be unable to continue operating for much longer. For fans, this may mean fewer independent or niche films are released in the upcoming years.
Furthermore, the demand for at-home entertainment is fueling the streaming industry. With major streaming services already producing their own original series and films, it’s possible that major movie titles will be released directly via streaming, rather than hitting the movie theaters.
When it comes to major titles and famous franchises, however, fans shouldn’t have too much to worry about. While releases may be delayed for some time yet, there’s no doubt that production large companies will bounce back from the crisis and continue to deliver award-winning pictures.
