Hollywood braces for a rough summer at the box office.<\/p>\n
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Article by<\/strong> Christopher Rosen, Vanity Fair<\/a><\/p>\n Want to hear a few sobering data points about how coronavirus has halted the Chinese box office in its tracks? Well: between January 24 and February 23, when the Chinese New Year was being celebrated, just $4.2 million worth of tickets were sold, according to figures\u00a0published<\/a>\u00a0by the\u00a0Hollywood Reporter<\/em>\u00a0this week. During the same time frame last year, ticket revenue hit $1.76\u00a0billion.<\/em><\/p>\n Chinese theaters have been closed for weeks, thanks to the coronavirus outbreak. Theaters in Japan, South Korea, and Italy\u2014three other major centers of coronavirus outbreak\u2014are showing huge attendance drop-offs as well. All told, experts estimated the film industry could lose $5 billion as a result of the virus and its fallout, according to the\u00a0Hollywood Reporter.<\/em><\/p>\n Still, the long-term ramifications of the illness might not be as dire as that figure makes them sound, one expert told\u00a0Vanity Fair.<\/em><\/p>\n As Hollywood studios clamor to collect intellectual property with four-quadrant appeal, a greater emphasis has been placed on how films perform at the international box office. China, being the\u00a0second-largest film market<\/a>\u00a0beyond North America, has played a key role in the success of films like\u00a0Avengers: Endgame<\/em><\/a>\u00a0and the\u00a0Fast & Furious<\/em><\/a>\u00a0franchise.<\/p>\n But 2020\u2019s high-profile spring releases are already being hurt by the coronavirus, which could have an enormous effect on their bottom lines. In the wake of the virus\u2019s spread, Disney will likely\u00a0delay<\/a>\u00a0the China release of its live-action\u00a0Mulan<\/em>\u00a0remake. Similarly, Universal\u2014which is distributing\u00a0Daniel Craig<\/strong>\u2019s final James Bond film,\u00a0No Time to Die,<\/em>\u00a0in overseas markets\u2014cancelled<\/a>\u00a0its China premier.\u00a0Both films<\/a>\u00a0were expected to cross $1 billion worldwide; the Chinese box office will play a huge role in whether or not the films hit that mark.<\/p>\n