Analysts are predicting the film industry could be looking at a loss of billions of dollars because of the coronavirus outbreak around the world, Axios reported Thursday.
The industry fears with consumers worried about the community spread of the virus in the United States — which represents the biggest global box office — there will be little incentive to go to a movie theatre when you can stay home and stream entertainment, Axios reported.
Analysts only have to look at No. 2 box office leader China, where most theaters have been temporarily closed, to see what lies ahead. There has been an estimated $200 million in lost ticket sales so far this year, Indie Wire reported.
And, according to Axios, the corornavirus outbreak is already causing movie theater stocks to tumble — from 25% to 40% — on Wall Street out of fears the virus will keep moviegoers at home.
The virus has also caused entertainment giants to lock down, issuing warnings to investors of the possible hits to theme parks, resorts, and cruise lines, Axios reported, but on the bright side, in-home entertainment is anticipated to thrive as consumers hunker down at home.
GroupM's Brian Wieser, one of the top global advertising industry analysts, told Axios television advertising sales might experience a boost due to increased viewership, but outdoor advertising like billboards and subway posters "may be worse off with lower levels of foot traffic in many places."
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