Global Box Office Faces Pressure as Coronavirus Spreads
Variety reports that combined movie ticket sales in China across January and February came in at just $238 million this year, down from roughly $2.15 billion in 2019 as a result of the country closing theaters to stem the spread of the novel coronavirus. The entertainment-industry trade journal also reports that the Italian box office receipts were down roughly 75% year over year across the Feb. 28 to March 1 timeframe, and roughly half of the country's movie theaters have now closed.
The COVID-19 coronavirus outbreak is also having an impact on release timing and production. Walt Disney (NYSE: DIS) recently delayed the Chinese release of its live-action Mulan remake, ViacomCBS (NASDAQ: VIAC)(NASDAQ: VIACA) announced that it's looking for new locations to film the next Mission: Impossible movie after canceling shoots in Italy, and more production and release shifts will likely follow.
Image source: Getty Images.
Source Fool.com
