Netflix is shutting down its scripted TV and movie productions in the US and Canada for 2 weeks

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Netflix

"Stranger Things" season 3

  • Netflix is pausing scripted TV and film productions in the US and Canada for two weeks, amid the coronavirus outbreak.
  • The streaming company is currently in pre-production on the fourth season of "Stranger Things," which would be affected by the shut down, as well as others projects that were previously halted like Ryan Murphy's film "The Prom" and the final season of "Grace and Frankie."
  • Netflix joins other media companies in putting projects on hold.
  • Visit Business Insider's homepage for more stories.

Netflix is pausing its scripted TV and film productions in the US and Canada for two weeks, due to government restrictions and health and safety precautions, a source close to the situation confirmed to Business Insider.

The New York Times' Josh Koblin and The Wall Street Journal's Joe Flint first broke the news on Twitter. Advertisement

The announcement came as US president Donald Trump declared a national emergency on March 13 over the coronavirus outbreak.

Netflix is currently in pre-production on the fourth season of "Stranger Things," which would be affected by the shut down, as well as others projects that were previously put on pause like Ryan Murphy's film "The Prom" and the final season of "Grace and Frankie."

The streaming company, like other companies, has also been advising employees based at its Los Angeles and Los Gatos, California headquarters to work from home, the source said.
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Netflix joins other TV and film studios in putting productions on hold. Apple has put "The Morning Show" on pause, and Disney, CBS, and NBC, to name a few, have shut down some productions due to the coronavirus outbreak.

Wall Street analysts expect Netflix to fare better than some other media companies, like Disney, during the global coronavirus pandemic.People may have more time to stream services like Netflix if they are staying home as a precaution. But analysts at Needham also said Netflix's international subscriber and revenue growth, key drivers in 2020, could be threatened during a broader economic downturn.Advertisement

Disney, meanwhile, is having to close its theme parks, which are major money makers, as well as push some film releases and halt some productions. Analysts at UBS estimated Disney risks $2 billion in revenue if it has to close down its theme parks worldwide for 30 days.


For more on how the coronavirus is affecting media, see our coverage on BI Prime:

Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.Generation Z from Business Insider Intelligence

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