The global film industry had its year in 2019, raking in a record-breaking $31.1 billion internationally and $42.5 billion all together. But as the Coronavirus, a virus which causes the respiratory illness known as COVID-19, continues to ravage Asia and parts of Europe, the entertainment industry is preparing to take a major hit — up to $5 billion.

There have been over 90,000 reported cases of Coronavirus and 3,000 deaths so far, mostly occurring in China where the virus originated.

As people are instructed to avoid large crowds of people, many malls, multiplexes and movie theaters in affected countries have become near ghost towns. As stated in The Hollywood Reporter, some Coronavirus analysts are stating that between the impacted areas of China, South Korea, Italy and Japan, COVID-19 could result in up to $5 billion in total losses for the film markets there. That number has the potential to grow if the virus begins to affect the U.S. market.

Around 70,000 movie theaters in China have already closed their doors. Last weekend, Universal's The Invisible Man made its debut in South Korean theaters only to be met with a relatively lukewarm $1.1 million. CGV, South Korea's largest theater chain, has shut down all nine of its venues for the time being.

Trepidation over the Coronavirus outbreak has also spread to Europe, where Disney was initially planning to launch Disney+ on March 5. According to Deadline, the ritzy London event was cancelled "due to a number of media attendee cancellations and increasing concerns at the prospect of traveling internationally at this time." Disney has opted instead to promote Disney+ through social media and press notices.

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