Greenlight Insights analysts have been in constant discussion with manufacturers, the supply chain, and stakeholders across the XR industry in China on the developments and impact of the coronavirus. Here is what we know so far about how it's impacting the Location-Based Virtual Reality market.
The latest coronavirus update as of February 13th is as follows:
- More than 1,370 people have died worldwide and there are at least 60,000 confirmed cases.
- There are 570 confirmed cases across more than 25 countries and territories outside of China, including 15 cases in the US.
- A growing list of countries imposed unprecedented restrictions on travel to and from China. The US State Department advised Americans not to travel to China. Foreigners who have been in China during the previous 14 days are barred from entering the US, while returning citizens face a 14-day quarantine. Other countries are adopting similar guidelines.
- A large number of companies have restricted travel to China and asked overseas employees currently in China to return.
- A growing number of companies throughout China still have their operations severely impacted, this includes both manufacturers and retailers. Apple announced all of its 42 stores are now closed until February 9th. Walt Disney shut its theme parks in Shanghai and Hong Kong. Starbucks closed more than half of its stores and McDonald’s shut down several hundred of its 3300 stores.
- Major cities have gone into mandatory lock-down. Wuhan and Wenzhou, which have 9 million and 11 million citizens, respectively. Roads were closed and people were shut in their homes.
A great hit to the location-based entertainment virtual reality industry in China
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