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Box office at Regal South Beach. Photo: Jeff Greenberg/UIG via Getty Images.

The film industry is on pace to lose billions of dollars due to the deadly coronavirus outbreak around the world, according to analysts.

Why it matters: In the U.S., the largest box office in the world, consumers who are spooked by the virus have little incentive to leave their houses to see a movie if they can stream something at home. In China, the second-largest global box office, most theaters have been temporarily closed.

Driving the news: The opening of the latest James Bond movie "No Time To Die" has been delayed. The original April release date was postponed until November due to coronavirus impact, according to a statement.

  • Thousands of theaters in China have been closed due to outbreak. The Chinese box office has so far lost an estimated $200 million in 2020.

Studios are beginning to rethink their rollout strategies, especially as many are reliant on Chinese box office revenues.

  • Disney has delayed the China release of its live-action remake of "Mulan," which was expected to be a major money-maker.
  • Other award-winning films like 1917, Jojo Rabit and Little Women have been removed from the Chinese release schedule.
  • Some studios have had to halt production of films in places that have been impacted by the virus. Paramount delayed production of Mission: Impossible in Italy.

By the numbers: The corornavirus outbreak is causing movie theater stocks to tumble out of fears that the virus will keep movie-goers away from theaters. Most theater-chain stocks are down by 25%-40% over the past six months, with major dips occurring within the last month.

Expand chart
Data: Yahoo Finance; Chart: Axios Visuals

The global box office hit a record high last year, thanks mostly to growth in China. The North American box office brought in $11.4 billion, its second-highest year after 2018, while the Chinese box office totaled $9.2 billion, growing faster than North America.

  • Analysts predicted that the Chinese box office would soon surpass the North American box office as the largest globally, but that's unlikely to happen this year due to the virus.

Between the lines: The virus has also caused major entertainment companies to issue warnings to investors of the possible hits to theme parks, resorts and cruise lines.

  • Shanghai Disney announced on Jan. 25 that it would temporarily close due to the coronavirus. It has yet to issue a reopening date.
  • Tokyo Disneyland and Universal Studios Japan have already experienced temporary closures.
  • Disney Cruise Lines have implemented precautionary restrictions.

The big picture: While the out-of-home entertainment industry is expected to suffer, in-home entertainment is anticipated to thrive, as more people will be staying home, likely glued to their televisions.

  • GroupM's Brian Wieser, one of the top global advertising industry analysts, predicts that television advertising sales may experience a boost due to increased viewership, but outdoor advertising like billboards and subway posters "may be worse off with lower levels of foot traffic in many places."

Go deeper: Coronavirus scare hits media, advertising industries

Go deeper

House passes bill to decriminalize marijuana

Rep. Earl Blumenauer (D-Ore.), a longtime marijuana legalization advocate and co-sponsor of the bill. Photo: Pete Marovich For The Washington Post via Getty Images

The House on Friday voted 228-164 in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, marking the first time a congressional chamber has voted in favor of decriminalizing marijuana at the federal level.

Why it matters: The Washington Post describes the bill as a "landmark retreat in the nation’s decades-long war on drugs," which has disproportionately affected people of color.

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Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — Biden plans to ask public to wear masks for first 100 days in office.
  2. Health: Coronavirus death rates rising across the country — Study: Increased COVID-19 testing can reduce transmission — Hospitalizations top 100,000 for the first time.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
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Clean trucks are paving the road to the electric vehicle era

Illustration: Eniola Odetunde/Axios

The electric vehicle revolution is underway, led by the un-sexiest of plug-in models: the commercial truck.

Why it matters: Growing demand for cleaner trucks means 2021 will be a pivotal year for electric vehicles — just not the kind you might have expected.