Connect with us

World Sport & Fitness

Entertainment giants brace for outsize hit from theme park closures, movie theater shutdowns


FITNESS

Entertainment giants brace for outsize hit from theme park closures, movie theater shutdowns

Major entertainment and media conglomerates have been grappling with the unstoppable coronavirus contagion in Asia and Europe, and now it’s arrived on American shores.COVID-19, the disease caused by the virus, has already claimed six lives in the United States, with almost 100 confirmed cases nationwide, making some Americans cautious about spending time in public spaces.”This…

Entertainment giants brace for outsize hit from theme park closures, movie theater shutdowns

Major entertainment and media corporations have been facing the unstoppable coronavirus contagion in Asia and Europe, and now it’s arrived on American coasts.

COVID-19, the illness triggered by the virus, has already declared six lives in the United States, with practically 100 confirmed cases nationwide, making some Americans careful about investing time in public areas.

” This infection has a lot of unknowns and is clearly extremely contagious. Why take the threat, being in big public locations like amusement park or included on a cruise liner?” Stacey Bendet, president of Alice Olivia style company, informed NBC News.

Shares of some entertainment stocks fell on Monday, with Live Nation, SeaWorld Entertainment and 6 Flags showing decreases for the day. Disney and Netflix stocks increased– together with fitness company Peloton– as interest in “at-home” home entertainment collects strength.

” If [the virus] is a significant concern in the U.S. into the May/June time frame, all bets are off,” said James Hardiman, a handling director at Wedbush Securities. “I would not think we exist yet,” he said, noting that the big regional parks aren’t yet open for the season.

Let our news satisfy your inbox. The news and stories that matters, provided weekday mornings.

China has not been so lucky. Shanghai’s $5.5 billion Disney Resort and Hong Kong Disneyland both closed indefinitely on Jan. 26, which Disney stated would ding its bottom line by $175 million In Japan, the 2 Disney-branded amusement park in Tokyo are closed up until March 16 as a preventative measure against the spread of the coronavirus.

” The accurate magnitude of the monetary impact is highly dependent on the duration of the closures,” Disney’s Chief Financial Officer Christine McCarthy said last month.

Universal’s Osaka style park has likewise shut down for 2 weeks as part of the government required. Universal Beijing Resort, a huge amusement park under building and construction and penciled for a spring opening, has emergency staff back on the task. They are being kept an eye on with thermal devices and some have been motivated to work at home, according to a representative for the company. Universal is owned by Comcast, the parent business of NBC News.

Television program production has actually also been injured. CBS said on Friday it would hold off shooting on its worldwide adventure TV series, “The Remarkable Race,” citing “increased issues and unpredictability relating to the coronavirus worldwide.”

Movie manufacturers have actually been left in limbo. “This has tossed a wrench into shooting schedules,” said Rob Cain, a partner in Pacific Bridge Image, which works closely with Chinese companies. Cain stated it was uncertain how insurance coverage would deal with the problem, given all the lost income.

China started closing some 70,000 cinema on Jan. 23, without any word on when they may open again.

” China alone is a third of the world’s movie screens,” Cain stated. “I can’t think about anything comparable, and I’ve remained in the company 30 years.”

International box workplace income clocked in at $425 billion in 2019, with China representing $9.2 billion.

” It is a massive impact,” stated Stanley Rosen, an expert in U.S.-China relations and a professor of government at the University of Southern California. He indicated the potentially postponed release of Disney’s $200 million Chinese warrior movie “Mulan” in the China market, which is slated to open in late March internationally.

In Europe, AMC Theatres closed its movie theaters in Northern Italy to assist city governments consist of the spread of the illness. Half of all Italian movie theaters are now closed, according to the Hollywood Reporter The Cannes Movie Festival stated it was monitoring the epidemic, but would move ahead with its Might occasion, even though a Cannes citizen checked positive for the virus.

Claire Atkinson

Claire Atkinson is the senior media editor for NBC News.

No Selling Needed

Give This Free Funnel Away & Earn Passive Recurring Income For Life

Become a founding member

Subscribe to the newsletter news

We hate SPAM and promise to keep your email address safe

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

LeBron James states GM who supported Hong Kong protesters ‘wasn’t informed’

Top Stories

To Top