Bond delay is sign of COVID-19 pressure on film industries

02:45

The entertainment industry is just one of the many sectors under threat from the

COVID-19

outbreak. China, which is the world's second-largest film market, has witnessed the closing of over 70,000 cinemas with similar measures being considered by other affected nations.

The move in part prompted Universal Pictures to delay the release of the latest James Bond film "No Time to Die" from the start of April until November.

A posting on the official James Bond Twitter account said: "After careful consideration and thorough evaluation of the global theatrical marketplace, the release of NO TIME TO DIE will be postponed until November 2020."

The last Bond film "Spectre" set box office records for a 2D film in China and raked in more than $880 million worldwide. Film finance expert Karen Krizanovich says: "Bond needs to open big and it can't do that as long as the Chinese market's closed."

Krizanovich warns that it's not only major producers, like Universal, at risk: "The coronavirus is going to have a knock-on on a lot of smaller businesses, businesses that really rely on cinematic releases such as Bond.

"There's a lot of marketing tie-ins, a lot of companies have invested millions hooking their star onto Bond's wagon for good reason. It's exciting, it's the 25th iteration of the world's most successful franchise."

Krizanovich notes that the outbreak is not only affecting cinemas, it's "putting a lot of pressure on exhibitors in the theatrical and cinematic world, but also theater, concerts and sports.

"It's cutting across these areas where people gather for entertainment."