Every single industry has been impacted by the novel coronavirus, some more than others. In Los Angeles and Hollywood, the media industry is being severely impacted and here we take a brief look at what is going on there.
A lot of TV and film recordings have been delayed indefinitely. One example of this is the James Bond movie – No Time to Die – which has been put on hold until 2021. This means that there will big no big movie releases in America until Christmas.
As such, a plea to Congress was made by the Motion Picture Association to receive government financial aid for cinemas, claiming that without such assistance they were likely to face annihilation. A letter was written to lawmakers which stated that:
“If that status quo remains, 69 per cent of small and midsized movie theatre companies will be forced to file for bankruptcy or to close permanently.”
Is it all doom and gloom? Not necessarily. In Los Angeles Netflix Inc. has just signed a new lease for a space on W. Empire Avenue at the Burbank Empire Center. The 171,000 square foot property is LA’s largest new office lease. Owned by New York Life Insurance Company, Netflix will initially just utilize 150,000 square feet. At the beginning of the pandemic, Netflix Inc. acquired the Egyptian Theatre located at Hollywood Boulevard. The property – purchased from the American Cinematheque – changed hands in May 2020. In addition, Titmouse Inc., leased