2020 was already going to be a rough year for movie theaters. With no new Star Wars or Avengers crossovers heading to the big screen, theater chains were going to see a sizable drop in revenue. That loss has been compounded exponentially by the COVID-19 pandemic, which has forced closures of movie theaters all over the world, and the murky road to reopening has many questioning if and when a full recovery will be possible. It’s been nearly three months since theaters closed, and we’re finally seeing the financial impact. CNN reports that AMC Theatres will have likely lost somewhere between $2.1 billion and $2.4 billion in the first quarter of 2020—a number that becomes more dramatic when you consider that the company closed its theaters on March 16, just 15 days before the end of the first quarter. AMC’s revenue fell 22 percent, down to $941.5 million from the $1.2 billion it generated in the first quarter of 2019.