The film industry laments that the coronavirus outbreak has caused at least $5 billion in box office losses

In 2019, the global box office reached $42.5 billion, breaking the record and breaking the $42 billion mark for the first time. However, the celebration of the global film industry was soon replaced by anxiety caused by the new coronavirus epidemic. For safety reasons, people around the world need to stay away from public gathering places, including theaters, for weeks or even months.

With cinemas in China closed for weeks and the virus having a major impact globally, including in South Korea, Italy and Japan, the world’s third-largest film market, some analysts believe COVID-19 may have already caused at least $5 billion in losses based on box office declines and the impact on film production. And as the virus spreads to major film markets such as North America and Europe, the number is likely to be even higher.

In terms of box office, China is the second largest contributor in the world. The measures of closing theaters and withdrawing movies have greatly affected the revenue of China and Hollywood during the Spring Festival period, which should have been a booming period. According to data research company Artisan Gateway, the box office during this year's Spring Festival was only 4.2 million US dollars, while the same period in 2019 was 1.76 billion, a huge gap.

While domestic cinemas are closed, the backlog of unreleased films is still growing, including Hollywood films such as "Doctor Dolittle," "Sonic the Hedgehog," "Marriage Story," "1917," "Little Women," and other well-received or Oscar-nominated films. Once cinemas reopen, market regulators will face the daunting task of allocating schedules.

Other films that may be affected include "Black Widow" released in May and Universal Pictures' "Fast & Furious 9."