The economic losses from Hurricane Sandy are projected to be enormous. And with theater closings, cancellations, and production schedule interruptions, the entertainment industry is being hit hard.
The overall estimate from IHS Global Insight puts total losses to the U.S. economy at between $30 billion and $50 billion and The Hollywood Reporter is reporting the entertainment industry alone is set to see losses in the millions.
"With showbiz people, it's always where there's a will, there's a way," Michael Pressman, executive producer of "Blue Bloods" said in an interview with THR. But "once they pulled the permits and closed the bridges and tunnels, we couldn't get actors to the set."
With movie theaters shuttered across the Northeast, ticket sales brought in $6 million on Monday, 40 percent lower than sales for the same Monday in 2011. Multiple concerts from big names such as The xx and Ghostface Killah were cancelled, meaning acts must either reschedule or face the cost of refunding ticket-holders. Television and movie companies are facing major production delays due to derailed of shooting schedules and damaged sets.
Recent years have shown an uptick in entertainment business in New York City, raising from $4.2 billion in 2002 to $7.1 billion in 2011. With more activity in the city, more companies were vulnerable to Hurricane Sandy losses.
The impact doesn't end with financial losses, however. “Nothing can cover the loss of momentum, and that is what is especially damaging to smaller films like ours,” Anthony Mastromauro, producer of the indie film "After the Fall," said in an interview with THR.
For more, head over to The Hollywood Reporter.
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