Show an ad over header. AMP

I am the FIRST

Hollywood's lost summer

Nearly five months after Hollywood first began to shutter, the prospect of a reopening of theaters and production sets still seems grim.

Why it matters: The entertainment industry was experiencing record theater revenues and explosive production demand prior to the coronavirus. Now, Hollywood's facing its biggest financial crisis ever.


Driving the news: Disney pulled its live action remake of "Mulan" from its release calendar Thursday, marking the fourth time the entertainment giant has delayed the movie's theatrical debut.

  • "Mulan," initially set to release on March 27, was pushed to July 24 and then again to August 21. Now, Disney says it doesn't know when the film will hit theaters.
  • "Star Wars" and "Avatar" sequels have also been delayed by a year,Disney said.
  • ”Tenet,” the highly-anticipated Christopher Nolan film, was also pulled by Warner Bros.from its release schedule indefinitely after being delayed from its original July 17th debut date.

Be smart: With most Chinese theaters still shuttered, movie studios that were banking on lucrative global releases are stuck.

  • Before the pandemic, analysts expected "Mulan" to bring in at least $1 billion globally at the box office, with a large chunk of money coming from Chinese moviegoers.

The big picture: For most studios, being aligned with a streaming service has been a game-changer.

  • On an earnings call for Warner Bros. parent company AT&T, executives said that "Tenet" will debut in theaters, but alluded that other movies that have been delayed, like "Wonder Women," could go straight to streaming on AT&T's new service HBO Max if theaters don't open.

Theater chains have suffered tremendously from Hollywood's pandemic pause. Unlike big movie studios, which can delay releases or send movies to streaming if they need, theater chains like AMC, Regal and Cinemark are mostly beholden to health officials and studios to decide when and how they can reopen.

  • AMC said Thursday that it's pushing back reopening of most U.S. theaters until mid- to late-August. The company has faced enormous economic challenges during the outbreak. Last month, it signaled to investors that it may not survive the pandemic.

Actors, writers, directors and production staff are struggling to find work. Unions from the arts and entertainment industries have been lobbying lawmakers for months to help freelancers take advantage of earlier pandemic relief packages.

  • The television industry is also strugglingto get summer production up and running in time to round out its fall TV schedule.

The bottom line: Hollywood is on track to face its worst-ever year at the box office since the 1970s. At the same time, television networks, despite record viewership, are facing steep advertising declines. The entire industry is feeling the weight of the crisis.

Go deeper: Coronavirus dooms fall TV season

4 ffp

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less

Scoop: Amazon quietly getting into live audio business

Amazon is investing heavily in a new live audio feature that's similar to other live audio offerings like Clubhouse, Twitter Spaces and Spotify's new live audio platform, sources tell Axios.

Why it matters: As with Amazon's efforts in podcasting and music subscriptions, the company sees live audio as a way to bolster the types of content it can offer through its voice assistant, Alexa, and its smart speaker products.

Keep reading... Show less

Hurricane Ida exposes America's precarious energy infrastructure

The powerful hurricane that plunged New Orleans into darkness for what could be weeks is the latest sign that U.S. power systems are not ready for a warmer, more volatile world.

The big picture: “Our current infrastructure is not adequate when it comes to these kinds of weather extremes,” Joshua Rhodes, a University of Texas energy expert, tells Axios.

Keep reading... Show less

"We must go further": 70% of adults in European Union are fully vaccinated

About 70% of adults in the European Union are fully vaccinated against COVID-19, Ursula von der Leyen, the president of the European Commission, said Tuesday.

Why it matters: The milestone makes the E.U. one of the world's leaders in inoculations, after an initially lagging vaccine campaign, the New York Times notes.

Keep reading... Show less

What Elizabeth Holmes jurors will be asked ahead of fraud trial

Jury selection begins today in USA v. Elizabeth Holmes, with the actual jury trial to get underway on Sept. 8.

Why it matters: Theranos was the biggest fraud in Silicon Valley history, putting both hundreds of millions of dollars and thousands of patients' health at risk.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories