Hollywood Braces for Coronavirus Financial Hit That Could Change the Industry Forever
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variety.comNow that the gravity of a growing coronavirus pandemic has settled in and people are looking to safeguard their health and their livelihoods, the entertainment industry is grappling with three essential questions: How painful will the toll of shutdowns be on the industry’s lowest-paid workers?
How high will the financial losses climb? And how will the business handle the unprecedented domino effect on Hollywood’s traditional calendar?
The avalanche of hasty cancellations and delays to events and premieres that fuel the industry’s engines of commerce will spread the impact of the COVID-19 catastrophe well past 2020.
The likelihood that a recession is looming in the U.S. will magnify the pain for major media conglomerates. Industry observers.
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