— This is the script of CNBC's news report for China's CCTV on July 1, 2020, Wednesday.
For Cirque du Soleil, which has had no revenue for three or four months, filing for chapter 11 is not a surprise, but we still feel mournful about that.
In 2017, when Cirque du Soleil acquired New York-based Blue Man Group, a global entertainment company, the company's CEO said it would become a global entertainment industry leader. The bankruptcy filing does not mean that Cirque du Soleil will be out of business. According to cirque du Soleil's CEO, the company has raised $300 million in funding and has a number of potential investments offers that could help it weather the crisis.
CEO of Cirque du Soleil
So that's why today i can guarantee the future of CIRQUE SOLEIL is insured, and when normalcy is back, then all of our shows progressively will come back.
But there is no guarantee when normalcy will return, Lamarre said, so the plan is conservative and not expected to return until at least 2021.
They plan to be the first to resume on site shows in Las Vegas and Orlando and progressively resume world tour show. Lamarre also predicted that necessary quarantine measures would remain in place during the early stages of the restart, and audience members may also be required to wear masks.
On Thursday, the Broadway League announced that it would extend its closure until 2021, further damaging the city's economy.
Last year, travelers' contribution accounted for 65 percent of Broadway's ticket revenue of more than $1.75 billion, according to the statistics. It is also estimated that Broadway contributed $14.7 billion to the city's economy during the 2018-2019 show season, the West End, another theatre center on a par with Broadway, now plans to close at least until August 2nd. The UK's creative industries, including music, theatre, film and television, face 74 billion pounds in lost revenue and 400,000 jobs, the Guardian reported, citing industry reports. The UK is planning to test some new performances. For example, the musical Six, plans to open drive-in theaters in 12 locations starting in August. And more technology is likely to be adopted in theaters, with acclaimed musical writer Andrew Lloyd Webber already saying he hopes to use thermal cameras to monitor body temperature in theaters this year.
Chief Executive of the Society of London Theatre
I will tell you I know the pipeline of productions that want to open in the West End is still very very strong and I've no doubt we'll be back and be stronger than ever at some point in the future but as you said the major risk is around social distancing
with social distancing in place it means that most theaters will struggle to open it in any sense of normality and clearly without major government supports theaters you know just pure from a pure money perspective would struggle to make that work
Miniseries and so-called social isolation shows have also been a trend during the epidemic. You may have seen some online shows during the epidemic, and Cirque du Soleil has also tried with some shows on social media. But the CEO said, it's totally different from watching a live show, the effect of making up income is also a drop in the ocean. Another point that draws attention now is the change in capital.
Some guess that tech companies that performance well under epidemic and have enough cash may try the business in cultural industry, a rumor said Amazon may consider acquiring AMC, who is in trouble now.
We will keep an eye on that.