In the 1930s, Hollywood had not suffered from the Great Depression: cinemas were refueling despite – or because of – misery. In 2008, studios suffered from the financial crisis, but attendance did not decrease in theaters. Today, the coronavirus threatens the very existence of the film industry. For the first time in its history, Hollywood is facing the almost total disappearance of its box office income, and this for an indefinite period.
A comparison. During the week of February 14-24, movie theater sales in the United States totaled $ 215 million. The week of March 13, the effects of the epidemic began to be felt. Result: only 58.9 million at the box office. After the containment measures in mid-March, sales fell to $ 5,179. For the week of April 3-9, the entire film industry shared $ 3,855 …
Postponed film releases
Since the federal government's warning on Monday, March 16, against gatherings of more than ten people, theaters have had to close across the country: at first, some tried to stay in activity by halving the number places or by selling popcorn, but they gave up. In Los Angeles, the studios suspended their productions, forcing tens of thousands of professionals in the performing arts to register unemployed (the unions have obtained that they continue to benefit from their health coverage).
The film releases have been postponed. In the summer, it has been said, then in the fall, with the increasing risk of seeing a traffic jam of "raws" hampering entrances. The box office has suspended weekly compilations. As of Sunday, April 26, no figures had yet been announced for the previous weekend. Exactly a year earlier, the historic record for entries had been broken by Avengers: Endgame with $ 357.1 million on the domestic market (and $ 1.2 billion worldwide)…
The film industry, one of the first in the United States, with sales of $ 101 billion in 2019, a sector which represents more than 20 million direct and indirect jobs, is at a standstill. Without the prospect of a restart, and probably not on the same model as before the epidemic. "This is a recession unlike any other, David Offenberg, an entertainment economist at Loyola Marymount University in Los Angeles, said in an interview with CNBC. We don't know when people will go back to the movies, we don't know how often. We don't even know if they'll ever want to go back. "
You have 60.31% of this article to read. The suite is reserved for subscribers.
