BOMBAY TIMES (March 5, 2020)

With over 91,000 cases and over 3,000 deaths, the effects of the coronavirus are now being seen worldwide. The virus has affected not just tourism, education and work life, but even the film industry. China, where the virus first broke out, is the second-largest moviegoing market, and it plunged by nearly $2 billion as compared to January and February 2019. Last year, the country’s box office hit a record $9.2 billion, more than 20% of worldwide revenues. This year, the key holiday period (from January 24 to February 12), generated just $3.94 million in sales, compared to the $1.76 billion last year, according to Artisan Gateway, a consultancy that follows the Chinese film industry.

According to a report by a Hollywood magazine, the global film industry is facing a $5 billion loss amid the coronavirus outbreak. The virus has impacted moviegoers of China, Japan (the third-largest moviegoing market) and South Korea (the fifth-largest moviegoing market). In February, revenue in South Korea slid nearly 70%. According to KOBIS, South Korea’s national box office service, ticket sales for last month totalled $52 million, as compared to the $158 million over the same period last year. In Japan, while official data has not yet been released, local analysts are expecting a slide of around 10-15%.

Makers initially planned promotions for the Bond franchise, No Time To Die, in China, South Korea and Japan, but those plans have now been cancelled due to coronavirus concerns. The founders of two of the most popular James Bond fan sites are even asking the makers to postpone the film’s release. What’s more, Mulan, which was a $200 million adventure film with a cast comprising Asian actors, including Wuhan-born Liu Yifei in the title role, was expected to do well in markets like China, but it may not be released for a few weeks or months. At the same time, makers of the Margot Robbie-starrer Birds Of Prey have blamed the coronavirus outbreak for the losses they suffered. And recently, the makers of Mission: Impossible 7 revealed that they had to stop filming in Italy’s Venice due to increasing coronavirus cases.