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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

Updated 4 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

6 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.