Entertainment Industry is going to lose more than $300M as Africa Entertainment, a film production company based in Atlanta, closes its doors, according to The Wall Street Journal.
The company has been operating for less than a year and has generated about $20M in revenues.
The loss is not a complete loss, however, as Afrika Entertainment had previously reported a loss of $10M in fiscal 2016.
It also expects to incur additional charges related to the film, according the WSJ.
The demise of the film company will be a huge blow to the U.K. film industry, which is already reeling from the closure of The Hateful Eight, the film adaptation of the Oscar-winning 2014 novel by Thomas Pynchon.
The movie was a major hit, but the movie industry’s fortunes have suffered since its launch in 2014.
In October, Sony Pictures Entertainment announced that it would not be renewing its contract with the film’s distributor, Legendary Pictures.
The deal was originally slated to end in 2020, but Sony announced it would extend the film for another year.
A representative for Legendary Pictures said the company had no comment.
“In 2016, the U, U. S. and U. K. entertainment industries experienced a $25 billion loss from their combined gross revenues,” a statement by the Hollywood Chamber of Commerce said.
“This was primarily due to the loss of movie theaters, distribution and record-breaking TV shows, and streaming platforms like Netflix, Amazon Prime and Hulu.
Since then, the industry has been on a downward spiral and many of the sectors that are now facing serious declines have experienced declining box office revenue as a result of the same.
These losses, combined with the massive number of movies that have been released, have left a huge void in the market, especially in the U