Effects of Coronavirus (COVID-19) On Entertainment & Tourism Industry

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Some of the people commenting on social media about this is just bizarre. They’re either downplaying how serious this is or just plain ignorant.

Facebook is usually the most crazy. I know of someone on there who is convinced COVID-19 is all down to Bill Gates who wants to kill all American children for profit.

 

[Scott W.]

Facebook is usually the most crazy. I know of someone on there who is convinced COVID-19 is all down to Bill Gates who wants to kill all American children for profit.

And they think that releasing a virus that targets mainly the elderly is the way to achieve this?

 

[Mad Dog]

The Federal Reserve Board today released $2.3 trillion to provide for loans to businesses, local governments and households. .This should be instrumental in keeping many companies, small and large, afloat through this troubled time. This is in addition to the previous Federal Government stimulus bills.

 

[HandsomePete]

Obviously none of this is ideal, but if I have to single one thing out of that statement for praise it's the line "and we will ask everyone to adjust their work accordingly."

It's pretty straight-forward to cut hourly worker time by 20%, but I can't think of a single boss in my life who would look at a 20% pay cut for a salaried worker and say "this means you work four days a week." Nope... they'd be like, "great, I get you at a 20% discount now."

 

[fryoj]

The Federal Reserve Board today released $2.3 trillion to provide for loans to businesses, local governments and households. .This should be instrumental in keeping many companies, small and large, afloat through this troubled time. This is in addition to the previous Federal Government stimulus bills.

While the loans may help companies get through this, I suspect we'll see a 2nd wave of closures as they pick up overhead with these loans and see decreased business later.

 

[JoeCamel]

While the loans may help companies get through this, I suspect we'll see a 2nd wave of closures as they pick up overhead with these loans and see decreased business later.

Not sure I am understanding your post but I thought the "loans" will be 100% forgiven if the business keeps people employed? If they let them go they have to repay the loan at I don't know what rate?

 

[Nick]

The fact that Disney has furloughed Imagineering is a big red flag. While Disney is a huge company with massive amounts of money flowing through it. They are also a company with huge CapEx going on. Along with a huge amount recently acquired debt with the FOX acquisition. ESPN was losing money before this happened. The Parks are bleeding money by being shuttered. And the Studios revenue stream dried up while sunk production costs stack up.

The most genius move by Bob Iger as CEO was deciding to cut and run when he did. I'm wondering if he got an honest heads up about what was coming from the Chinese Gov't.?

Disney is almost 100% in the Entertainment business. That's pretty much all they do, one way or the other. COVID has shut pretty much every single revenue source for them down or slowed them to the point where things like ESPN may be in danger of going under now.

From the outside, you look at Disney and you think obviously they should be able to make it through this no problem because of how big they are. Too big to fail. But the only business sector that is thriving for them through this is their streaming side with Hulu and Disney+. Everything else has dried up. At least Comcast has their Cable/Internet side to really hold them steady through this. This is about the worst thing an entertainment company like Disney could possibly ask for.

 

[Scott W.]

 

[fryoj]

Not sure I am understanding your post but I thought the "loans" will be 100% forgiven if the business keeps people employed? If they let them go they have to repay the loan at I don't know what rate?

The parts of loans that get forgiven are only for payroll, rent and utilities. If you are shut down completely and own your location, the PPP loan does almost nothing for you. There's no accounting for installment loans, credit lines, and invoices for products/services that were already executed at the time of the shutdown, but weren't paid yet. You still have to pay those and have no income. For a lot of companies, they have to go after the economic disaster loans that have a 3.75% apr and theres been no discussion of forgiveness for. So now, when this is over, you have all your normal bills, the new loan payment, and a likelihood of less business. The back side of this is going to be nasty if consumer confidence and spending doesn't recover really quickly.

 

[Nick]

Not sure if anyone even knew this movie was supposed to come out, but STX's 'My Spy' has been sold to Amazon.


I find it interesting that Disney hasn't moved Soul from it's June 16th release date yet. Even if theaters are open then, a movie like that isn't opening then. You need to have the time to run a marketing campaign and there's just too much uncertainty right now to spend that kind of money marketing a movie that likely gets pushed off anyway. Iger also said recently more movies could go straight to Disney+ besides Artemis Fowl. I think The One and Only Ivan is the most likely.

 

[Mad Dog]

Not sure I am understanding your post but I thought the "loans" will be 100% forgiven if the business keeps people employed? If they let them go they have to repay the loan at I don't know what rate?

This Federal Reserve money is different than the terms and conditions of the Federal Stimulus loans.In simple terms since it gets pretty complicated, is that Federal Reserve money is released into the system and provided to the banking system so they will have extra funds to loan to businesses, local governments, households etc. Unless a special provision is made, they would have to be repaid at some point in time. The banks only have X number of their own dollars to loan. This gives them additional funds, in addition to the separate Federal Stimulus money. That Stimulus money has provisions, as fryoj explained, where portions would not have to be repaid if certain considerations/conditions were met.

 

[GadgetGuru]

Not sure if anyone even knew this movie was supposed to come out, but STX's 'My Spy' has been sold to Amazon.


I find it interesting that Disney hasn't moved Soul from it's June 16th release date yet. Even if theaters are open then, a movie like that isn't opening then. You need to have the time to run a marketing campaign and there's just too much uncertainty right now to spend that kind of money marketing a movie that likely gets pushed off anyway. Iger also said recently more movies could go straight to Disney+ besides Artemis Fowl. I think The One and Only Ivan is the most likely.

Disney might be betting that a big new release could kickstart theaters again. China was playing popular old releases (Avatar) to get people back into theaters. Disney might want to go the opposite extreme.

 

[Magic Feather]

Not sure if anyone even knew this movie was supposed to come out, but STX's 'My Spy' has been sold to Amazon.


I find it interesting that Disney hasn't moved Soul from it's June 16th release date yet. Even if theaters are open then, a movie like that isn't opening then. You need to have the time to run a marketing campaign and there's just too much uncertainty right now to spend that kind of money marketing a movie that likely gets pushed off anyway. Iger also said recently more movies could go straight to Disney+ besides Artemis Fowl. I think The One and Only Ivan is the most likely.

*If* Soul gets moved, I see it taking over for Raya in the November slot, and then Raya fills in the March ‘21 slot that stuff like Zootopia or Onward Occupied.

 

[HandsomePete]

To be honest, the island plan was blatantly illegal. You don't get to smuggle people into and out of a country for a business purpose.

About Disney's cash flows... people usually forget that about $10 of your cable bill each month is for the portfolio of ESPN networks. Yeah, ad revenue is down, but they're also not spending money on covering live events which is quite expensive. 80 million subs = $800,000,000 per month.

 

[shiekra38]

Universal Creative must be still working from home with video conference meetings etc. wouldn’t you think?

Maybe UC will fix Epcot

 

[PerceptiveCoot]

Maybe UC will fix Epcot

That would be a fun hypothetical thread. What would Universal do if they were in charge of any of the four WDW parks?

 

[Cup_Of_Coffee]

That would be a fun hypothetical thread. What would Universal do if they were in charge of any of the four WDW parks?

Still not replace kidzone at their own parks

 

[PerceptiveCoot]

Still not replace kidzone at their own parks

That's not anybody's fault cause' KidZone is cursed. Paranormal experts are still diagnosing whether the curse could be transferred to a more preferable location, like Marvel Super Hero Island

 

[tielo]

Can’t see the tweet obviously but I’m not surprised about Imagineering honestly - if the line is drawn at essential/non-essential, work has stopped on most projects and they’re almost exclusively project or portfolio focused.

Their project managers can’t manage his/her project managers if there are no project meetings going on.

Twenty years ago (before I got ill) I worked at Rabobank, the only AAA bank in the world. We were encouraged to work from home. It was actually great. As a process manager Credit and Debit cards I could work my 36 hour workweek as I wanted. I loved working at night. Sure we had meetings via phone or video and sometimes I would meet with colleagues or go to an internal or external client. And there where audits I had to do from the office but that was fine. For my manager it also was a bit strange but it worked out great.

 

[Cup_Of_Coffee]

That's not anybody's fault cause' KidZone is cursed. Paranormal experts are still diagnosing whether the curse could be transferred to a more preferable location, like Marvel Super Hero Island

Or ya know, the ride where it goes , THE CURSE,ITS REAL!

plz....