The following article is part of a series examining how the film industry is responding to the coronavirus outbreak. An article on debt and liquidity concerns can be read here, while an article about premium video-on-demand strategy can be read here.

Monthslong production delays and theater shutdowns due to the coronavirus pandemic could reshape the movie business for years to come.

The three largest U.S. theater chains — AMC Entertainment Holdings Inc., Cineworld Group PLC's Regal Cinemas and Cinemark Holdings Inc. — all recently closed their doors in response to guidance from health experts advising against large gatherings. Meanwhile, major studios postponed film release dates and decided to release some titles directly to sale or on-demand, eschewing the typical exclusive theatrical release window.

As exhibition investors and analysts grapple with the implications, some expect a fundamental shift in consumer habits, while others are more optimistic about the resilience of the movie-going business.

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Much of the overall outlook will depend on how long theaters are closed. AMC has said it expects the closures to last at least six to 12 weeks.

Moody's credit analyst Neil Begley said that if the business closures go on longer than expected or business does not return to normal after the quarantine period ends, it could reshape the entire entertainment industry.

"I don't expect it to be lasting if by the summer everything gets back to normal. If it goes much longer than that, people are forced to adapt," Begley said.

He and other analysts said that could mean studios release more films direct-to-consumer on streaming platforms, while exhibitors close properties and work with studios on altering the theatrical release window for would-be blockbusters and tentpole films.

Walt Disney has delayed the release of "Black Widow" indefinitely amid the coronavirus outbreak. Source: Walt Disney

So far, it remains unclear when some of the biggest titles that had been expected for 2020 will ultimately debut. The Walt Disney Co. on March 17 indefinitely delayed the release of Marvel's "Black Widow," which was slated for a May 1 premiere. The film, starring Scarlett Johansson, joined Disney's "Mulan," Universal Pictures' "Minions: The Rise of Gru" and Paramount Pictures' "A Quiet Place Part II" in release limbo in light of the pandemic.

Shawn Robbins, an analyst at boxofficepro.com, said the "Black Widow" delay could have a domino effect on upcoming release dates for other Marvel Cinematic Universe theatricals and related programming on streaming service Disney+. He noted that Marvel's storylines are interrelated, and content plays off preceding narratives to some extent.

Jeff Bock, an analyst at Exhibitor Relations Co., said that if consumers are cleared to return to movie houses in large numbers by late May or early June, the studios may choose to work the delayed films into the existing late 2020 release schedule. He noted there are scheduling opportunities beginning in late August and into September and October. There also may be some room during the fourth-quarter holidays, a time of year when many people are at home and interested in hitting theaters with family members. He believes that Disney's "Mulan" could play well in December, for instance.

Robbins also pointed to fall release windows as an option for the postponed spring films, while noting that Metro-Goldwyn-Mayer Inc. has staked the Thanksgiving weekend for its delayed James Bond film, "No Time to Die." The revised scheduling "could represent a silver lining of sorts" for the box office at the back end of the year, he said.

Some studios have already opted to push delayed 2020 releases into 2021, as is the case with "F9," the ninth incarnation of Universal's "Fast & Furious" franchise, now set for an April 2, 2021, opening.

Wade Holden, a film and theaters analyst with Kagan, a media research group within S&P Global Market Intelligence, said that if films slated to debut this year receive new release dates in 2021, it will probably help with the production lag of films that are currently not shooting because of COVID-19 health concerns. Titles including Universal's "Jurassic World: Dominion," Warner Bros.'s "The Batman” and Paramount's "Mission: Impossible 7" all have had to pause filming.

While Robbins believes there is still some time before production delays intrude upon the 2021 release dates for those summer blockbusters, Bock noted that if the production delays last three or months or more, some films slated for 2021 could be pushed into the 2022 calendar.

Wedbush analyst Michael Pachter is not looking that far ahead — yet. He said that if all the major second-quarter releases were postponed, most of their receipts could be made up in 2021, pointing to projections of hundreds of millions at the box for "F9" as an example. He expects the 2020 box office to end down just 12.4% and for 2021 to be a record year, up 16.7% over 2020.

The total U.S. box office revenue for the week ended March 15, the final week that U.S. theaters had their doors open before the coronavirus closures, was $88.6 million, down 57.3% from $207.9 million in the same week of 2019. That is the lowest weekly result since 2001, according to Kagan data.