Hollywood Revenue Streams Are Drying Up Under
Billions In Losses Due To The Coronavirus Pandemic That Is Prompting
Massive ChangesDecember 5. 2020
Hollywood
Hollywood has lost over $10 billion dollars this
year due to the coronavirus pandemic. The virus ripped the bottom
out of the industry. As a result of the pandemic, tens of thousands
of people in Hollywood have lost their jobs. Many companies are
struggling to stay afloat. Some have already shutdown.
Warner Bros Pictures announced yesterday that it
will be sending all its planned 2021 major film releases to
streaming and at one time. I saw a quick rundown of the previews and
the roughly 20 Warner Bros films are not good. It's a really weak
line-up. Coupled with the pandemic, Warner Bros will lose several
billion dollars next year. The pandemic has really been a game
changer.
Warner Bros is following in the footsteps of
Paramount Pictures, the studio behind the "Coming to America"
sequel, in sending it straight to streaming. After 32-years of
promising a big sequel to the original film,
stolen from celebrated journalist Art Buchwald and grossing
over $350,000,000 in ill-gotten gains, the movie is arriving with no
fanfare (and a very weak script with a premise that strongly
resembles that of the "Black Panther" movie).
The "Coming To America" sequel has been sold to
streaming for $125,000,000, which means a massive loss of at least
$300,000,000 to the movie studio, as they can't properly screen it
in theatres during the pandemic in its biggest market, America.
People simply aren't going to theatres like they used to in America,
due to the pandemic that has gotten worse than ever in the nation.
Movie theatre owners are angry over these decisions,
stating it will cost them business. Observers are also stating it
could mean the end of movie theatres in America. People have been
abstaining from going to movie theatres, as it is very difficult to
social distance in such venues. This pandemic will mean the collapse
of many Hollywood companies and a host of mergers in trying to
salvage what they can of the industry.
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