Disney and its rivals star in a real-life disaster movie

Editor’s note: The Economist is making some of its most important coverage of the covid-19 pandemic freely available to readers of The Economist Today, our daily newsletter. To receive it, register here. For more coverage, see our coronavirus hub

THE EMPTY freeways of Los Angeles look like a scene from a disaster movie. For many Hollywood bosses, that is how things feel. With one in three people in the world subject to social-distancing rules, boxoffice takings in 2020 have collapsed. Television is bracing for revenue-starved advertisers to rein in spending. Shooting on productions slated for 2021 has ceased, portending an unpleasant sequel next year.

Covid-19 comes at a tumultuous time for show business. A five-year, $650bn investment binge was already reshaping it for the age of video-streaming. Debts taken on by giant media groups such as AT&T, Comcast, Disney and ViacomCBS—which owe more than $350bn between them—look less sustainable now that their sales have sunk. Even Netflix, whose streaming-only offering is less vulnerable to lockdowns, is not immune. The pandemic will leave scars. It may claim a few victims, too.

Theatrical releases, which studios use to...



via Business Feeds

0 nhận xét:

Post a Comment