Filmmaker and Visual and Media Arts assistant professor Mike Ryan weighs in on the impact of COVID-19 on Hollywood to CNBC for a piece featuring commentary from experts in the industry. In early March, the Motion Picture Association reported revenues of $101 billion in 2019, for the first time ever. Revenue in 2020 will without a doubt be impacted by COVID-19 in 2020 as production was halted in Hollywood in March. Ryan says that the industry is one of America’s largest exports.
Certainly with the rise of streaming, we have seen a decline of theatrical tickets. The theatre business has been on shaky ground before the virus, and this will only amplify that.