Netflix is shutting down all of its scripted film and TV productions in the United States and Canada, including their widely popular series “Stranger Things,” due to the coronavirus.
Sources tell IndieWire that the company’s scripted productions will be paused for two weeks due to government restrictions and health and safety precautions. Netflix is one of a growing number of companies that have halted their film and television productions because of the coronavirus pandemic, which has infected around 125,000 individuals globally as of Friday afternoon.
Netflix is scheduled to reportedly spend $17.3 billion on original content in 2020.
Production on several Netflix series were already postponed prior to the company’s Friday announcement. Though Netflix does not produce the Natasha Lyonne-led “Russian Doll” or the Jane Fonda-led “Grace and Frankie,” those Netflix shows were cancelled by their production companies earlier in the week.
Netflix is far from the only company that has halted production due to the coronavirus. Disney TV Studios shut down production on “Genius: Aretha” earlier in the week and also postponed filming on all pilots, while numerous other studios have postponed production on projects ranging from “The Morning Show” to Marvel’s “Shang-Chi.”
The ongoing coronavirus disruptions are happening during a pivotal moment in the streaming industry. NBCUniversal’s Peacock, WarnerMedia’s HBO Max, and Jeffrey Katzenberg and Meg Whitman’s Quibi are all gearing for their impending launches, while existing services, such as Disney+, Hulu, and Netflix are aggressively working on new content to stand out in the increasingly competitive market. Quibi canceled its red carpet launch that was scheduled for April 5 and production on Peacock’s “Angelyne” and “Rutherford Falls” has been delayed. A large number of entertainment events, including SXSW and the NBA’s 2019-20 basketball season, have been canceled and suspended, respectively.
IndieWire is keeping track of all the entertainment industry-related events and projects that have been disrupted by the coronavirus.
Netflix, like most other publicly traded companies, saw a major stock bump Friday afternoon after President Donald Trump declared a national emergency that could free up $50 billion to help fight the pandemic.
Netflix reported that it had 167 million global subscribers during its last earnings report in January and expected to add another 7 million by its next quarter. The company’s next earnings report will release on April 14.
Popular on IndieWire
Source: Read Full Article