COVID-19 Wreaks Havoc on the Budgets of Film Studios

PHOTO+DETAILS++%2F+++DOWNLOAD+HI-RES+1+of+1%0AThe+Air+Force+Museum+Theatre+will+hold+a+film+festival+from+Dec.+17-31%2C+2012.+Next+year%2C+the+Air+Force+Museum+Theatre+will+upgrade+to+a+new+digital+system%2C+making+this+the+theatre%27s+last+festival+to+use+actual+film.

PHOTO DETAILS / DOWNLOAD HI-RES 1 of 1 The Air Force Museum Theatre will hold a film festival from Dec. 17-31, 2012. Next year, the Air Force Museum Theatre will upgrade to a new digital system, making this the theatre's last festival to use actual film.

Stratis Bohle

No Time to Die, the final James Bond film with Daniel Craig at the helm, was delayed from its previous release fate of April 3rd to November 12th. In a joint press release, MGM, Universal, and Eon Productions explained the reason for the seven-month delay due to the extreme spread of COVID-19.

With China’s ever-increasing share of the Box Office and the massive spread of COVID-19 in China, the $2 billion of potential revenue has been lost due to the quarantining efforts of the Chinese government and the caution of unexposed citizens. The worry of COVID-19 has even spread stateside with to South by Southwest, an independent film festival in Austin, being canceled.

This will most certainly result in an increased marketing budget for the film as trailers, posters, and tie in concessions at movie theaters have already gone out. These will need to be sent out once again in October and November in order to re-market the film to an audience that has not seen the advertisements since March.

The crash in the film market will also most certainly affect most major early blockbusters this spring and summer. Potentially affected films include Black Widow (Walt Disney Studios), Mulan (Walt Disney Studios), F9 (Comcast), and Wonder Woman 1984 (AT&T). Due to the expanded release of non-Disney films after their domination this past year, a crash in viewership as a result of the virus may be a blow to smaller studios, such as Lionsgate its box office failures last summer.