iStock/Darwin Brandis(LOS ANGELES) — It would come as no surprise to hear that the box office numbers for 2020 will be greatly impacted by theater shutdowns from the COVID-19 crisis. But now, the research company MoffettNathanson is detailing just how bad Hollywood’s bottom line will be bruised.
According to numbers from the Wall Street analyst firm quoted by Variety, ticket sales could be cut by more than half by the time the year’s out.
That 52% drop works out to $5.5 billion, compared to the $11.4 billion the box office generated in 2019.
What’s more, the red ink could get worse if movies like Chris Nolan’s Tenet and Disney’s Mulan, scheduled for release on July 17 and 24, respectively, don’t actually get their theatrical debuts. Many major cities like New York and Los Angeles have no plans to reopen their theaters.
If we get past the coronavirus crisis, and shuttered productions get back on schedule, however, the analysts predict a “significant bounceback” next year.
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