Lights, camera, pause! The effects of Covid-19 on the movie industry

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Elizabeth Froimzon, Sports Editor

The growth of the film industry has been drastically halted due to a large amount of movie theaters closing and the pause of many film productions in the face of Covid-19.

Due to the global pandemic and the social distancing guidelines that followed, movie theaters around the globe began to close in February. According to Vulture, many theatrical movie releases have been cancelled, including “Mulan” and “A Quiet Place Part II.” In response, many movies including “Mulan” have been published on Disney + and On Demand instead so viewers can safely watch them in their own homes. Film production for movies such as “Mission Impossible:7” and “MacBeth” have been halted indefinitely, and have left fans on the edge of their seats. 

The global box office has dropped by billions of dollars. According to The Hollywood Reporter, North American cinemas have witnessed a rapid drop in revenue, going from $10.7 million last year to $300,000 or less on the same exact day this year, marking a “historic 97 percent year-over-year decline.” The stock of exhibitors, which are the companies that own and finance the showing films in cinemas, have taken a toll as well. As early as Wednesday, March 4, 2020 the stock prices of Cinemark fell by 0.53 percent and AMC by 3.5 percent.

Moreover, movie theaters in certain U.S. states have already begun to reopen. In the surrounding Florida area, theaters such as Regal Oakwood and iPic have started resuming business. On a more global scale, there are still many states in the U.S and many countries that have not yet announced when cinemas will reopen. For example, in places such as Italy, the government is monitoring Covid-19 cases closely in order for cinemas to re-open. According to Omdia Technology, eventually when movie theaters open once again, some smaller films will be cut due to the limited amount of screen time. The screen time will go to bigger movies that studios have more faith in to succeed. 

The industry is in a state of uncertainty right now with the ongoing state of the virus constantly shifting. There is hope that the reopening of movie theaters will bring back demand for moviegoers that could help bring back the film industry to where it once was.