The spread of the COVID-19 coronavirus and its control measures in different countries will cause significant damage to the global market. According to experts interviewed by the Hollywood Reporter, the total losses can reach five billion dollars.
Naturally, the biggest damage will be caused to the box office in the Asian region, especially in China and South Korea. Earlier, it was announced that the Chinese authorities ordered the closure of all cinemas in the country for an indefinite period, which is more than 70 thousand screens.
The result was not long in coming. In the period from January 24 to February 23, 2020, box office receipts in the country amounted to only 4.2 million dollars, while a year earlier in the same period, it exceeded 1.76 billion dollars. In General, February is considered one of the most profitable months in China because of the holidays associated with the celebration Of the new year on the Eastern calendar.
In South Korea, which is considered the fifth largest film market, the drop in fees compared to 2019 was 70 percent. Korean experts compare this situation with the “swine flu” epidemic in 2009, when more than 80 thousand people were infected in the country.