Hollywood Breakdown

A new report from Ampere Analysis says the film and TV industry is set to lose $160 billion over the next five years because of the coronavirus shutdown. Facing such stark losses, the industry is desperate to resume production. California Gov. Gavin Newsom says on May 25, the state will offer protocols for how to start filming again. Newsom estimates 53 of the 58 counties will be able to meet the requirements to restart production. 

Normally, this would be the time of year when the big broadcast networks gathered in New York City for the upfronts. They’d pitch their new shows to companies who would then spend billions of dollars buying TV advertising. This year, the upfronts are virtual, and companies like GM, PepsiCo and General Mills are trying to walk back their ad commitments for later this year. 

Disney announced on May 5 that it lost more than $1 billion from the closure of parks and resorts during the coronavirus pandemic. Its park in Shanghai is set to reopen on May 11, but with significant rules and restrictions. Meanwhile, the rest of Hollywood is eager to reopen as soon as possible. Some filming is happening abroad, but in the U.S., making blockbusters is still a long way off. 

Instead of waiting for movie theaters to reopen, Universal released “Trolls World Tour” through video on demand in early April. NBCUniversal CEO Jeff Shell said it made $100 million, and given the success, they’d be looking at more streaming options in the future. In response, AMC Theatres released a statement saying they would no longer play Universal movies in theaters. 

A handful of Southern states are looking to reopen businesses as soon as possible, while keeping social distancing measures in place. But the National Association of Theatre Owners say that if they’re permitted to open, they don’t want to. They’re wondering who would come to the movies, and what would they show.

Hollywood was stunned when Bob Iger suddenly stepped away from his role as Disney CEO in February, handing the reins to Bob Chapek just days before the coronavirus pandemic shut down all the Disney parks. Now a report says Iger is back.

Disney announced that after five months, its streaming service Disney+ is now up to 50 million subscribers. The company hit that landmark about two years earlier than most analysts predicted. The numbers  come with some caveats, but it's still an impressive feat in the world of streaming. 

AT&T has appointed former Hulu CEO Jason Kilar as the new head of WarnerMedia. That means he’ll oversee HBO, HBO Max, CNN, Warner Bros. and other WarnerMedia properties. It’s a bold choice. Kilar is known for being a visionary in the streaming world, but is not as well known in the old-school Hollywood circles. 

With a lot of people now stuck at home, TV viewing across the country continues to spike. Viewers may be eager for new content. But for upcoming streaming services such as HBO Max, Peacock, and Quibi, there are questions as to whether they’ll be ready to launch, and if viewers will be willing to pay for them.

Amid the coronavirus pandemic, TV production has almost entirely shut down. Now the industry is scrambling to see if there’s any way to save the big fall season for the broadcast networks. On the movie side -- in an unprecedented move -- some big films like the newest “Trolls” installment are coming directly to streaming, but don’t expect that to be the case for every new movie.