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The current coronavirus pandemic could cost the film industry $20 billion (£16.3b), according to reports.
Previously, Hollywood figures were said to be expecting the outbreak to cost the industry around £5 billion (£4.1b).
However, losses have already exceeded $7 billion (£5.7b) after production on a number of big titles has been suspended and several high profile releases have been postponed, according to The Hollywood Reporter.
Among those completed films that will now be released at a later date are A Quiet Place II and Daniel Craig’s final outing as James Bond, No Time To Die. The latter will now be in cinemas in November 2020 while John Krasinski and Emily Blunt’s horror sequel is yet to be given a new release date.
The costs of both films being delayed are estimated at $30 million (£24.4m) for A Quiet Place II and $50 million (£40.7m) for the Bond movie.
With countries such as Italy on lockdown and bans on mass gatherings in place in states across the US, the box office is also taking a hit. Around 70,000 cinemas are closed just in China.
Earlier today (March 14), it was confirmed that production on Stranger Things 4, Jurassic Park: Dominion, and The Batman would be suspended in the wake of the global pandemic. You can find a list of the films and TV shows affected by the COVID-19 outbreak here.
Meanwhile, Tom Hanks was the first high profile celebrity to test positive for the virus. The actor confirmed on his social media channels that he and Rita Wilson had both been confirmed to have contracted coronavirus while in Australia for pre-production on Baz Luhrmann’s Elvis Presley biopic. The stars are now in isolation.
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