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Photo illustration: Aïda Amer. Photo: David Livingston/GC Images

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 struggling to 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

Go deeper

Oct 12, 2020 - Economy & Business

Disney reorganizes media, entertainment business around streaming

Photo: Disney

Disney shares were up nearly 5% in after-hours trading Monday after the entertainment giant announced it would be shifting its entertainment strategy to have streaming be its "primary focus."

Why it matters: The company is facing investor pressure to invest more in streaming, its strongest-performing sector. Its other business lines, like movies, parks and cable, are being heavily impacted by the pandemic.

Kendall Baker, author of Sports
17 mins ago - Sports

New laws, new rules bring big changes to college sports

Illustration: Sarah Grillo/Axios

The college sports landscape could change more in the next six months than it has in the last 50 years, as the NCAA grapples with new competition, new laws and new rules.

How it works... 1. Startup leagues: Investors are flocking to new leagues that aim to compete with the NCAA, evidence of just how much opposition there is to the amateurism model — and how much belief there is in new ones.

Malaria vaccine from Oxford highly effective in early trials

Family in Brazil under a malaria net. Photo: J R Ripper/Brazil Photos/LightRocket via Getty Images

A malaria vaccine developed by Oxford University was found to have "high-level efficacy" in phase II trials, according to a pre-print study released on Friday.

Why it matters: Malaria kills over 400,000 people a year, more than half of them children under the age of 5. Deaths have fallen in half over the past 20 years thanks to investment in prevention and drugs, but a truly effective malaria vaccine would represent one of the greatest victories in the history of public health.