The 747 jumbo jet ushered in the modern era of air travel, but it won't be around for the industry's recovery — Boeing will cease production in 2022

• Boeing will end production the iconic 747 jumbo jet in 2022, marking an end for the plane that made the travel industry what it is today.
• The end to the 747 — entered commercial service in 1969 — comes as the coronavirus pandemic slams the airline industry and Boeing, which posted a $2.4 billion loss for the second quarter.
• Airlines have been moving away from four-engined jumbos like the 747 in favor of smaller, nimbler, and more efficient twin-engined jets.

The Boeing 747 may have ushered in the modern era of long-haul air travel, but it won't be around to help the industry recover from the body blows the COVID-19 pandemic has been throwing since the start of the year. Along with a sobering second quarter earnings report that tallied up a $2.4 billion loss, Boeing announced on Wednesday that come 2022, it will cease building the jumbo jet.

"The reality is the pandemic's impact on the aviation sector continues to be severe," CEO Dave Calhoun said in an email to employees. "This pressure on our commercial customers means they are delaying jet purchases, slowing deliveries, deferring elective maintenance, retiring older aircraft and reducing spend — all of which affects our business and, ultimately, our bottom line."

Boeing said it would slash production rates on its commercial assembly lines to match lowered demand, and warned of more layoffs. The company also said it would push back delivery of its first 777X, to 2022, and look at consolidating production facilities on its 787 program.

The end of the 747 has been a long time coming. Demand for the four-engine jet has decreased steadily in recent years as airlines have sought smaller, nimbler, more fuel-efficient twin-engine planes instead, such as the Airbus A330 and A350, and the Boeing 777 and 787. Numerous airlines have opted to accelerate the retirement of their 747 fleets due to the pandemic, including major operators of the plane such as British Airways and Qantas.

The 747 has hung on this long largely thanks to its popularity among cargo and freight carriers, who appreciate its ability to carry heavy payloads, long range, and ability to accommodate oversize cargo. Even so, Boeing is down to 15 orders for 747 aircraft in its backlog, all for the 747-8F cargo variant — 12 for UPS, and 3 for Russian carrier Volga Dnepr.

The company also had two outstanding orders for a military variant of the passenger 747-8, designated the VC-25B, which will replace the aircraft currently used by the US government as Air Force One. Those planes were initially built for an airline, but were never delivered.

The plane's role in aviation history, though, won't be forgotten. The 747 ushered in a new era of global connectivity and air travel prestige when it was introduced in 1969 with Pan Am. At the same time, it helped democratize long-haul travel, making it more affordable and accessible for more people.

The wide-body double-decker was the first true "jumbo jet." Many airlines used the planes' upper deck as a bar or lounge for first class passengers, though most eventually shifted towards installing passenger seating on the upper decks.

It may have taken a global disaster, but the long reign of the famed Queen of the Skies is finally, officially at hand.