The setbacks experienced by businesses across the world have lent credence to the reality that coronavirus is one of the major global health crises in the history of humanity. Undeniably, many industries are under shutdown and it is very obvious that the entertainment industry is no exception.
The film or movie/entertainment industry is highly susceptible due to the pandemic as both the production and the consumption of its output require numerous people together in small spaces.
Global Entertainment industry report is segmented based on online video streaming, amusement parks, theatrical productions, sports, live events, and trade shows and parties.
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Obviously, the outbreak of COVID-19 had a dual impact on these segments as all the upcoming events have been canceled or delayed, due to which most of the companies experienced losses. While the online video streaming segment is witnessing a significant hike.
Video streaming companies are coming up with innovative remedies when people are residing more at their homes learning one skills or the other .For example, Netflix launched a Google Chrome browser extension named Netflix Party which allows the users to access the video in groups and watch them together
As the coronavirus pandemic shifts attention from many other sectors to the health sector, it suffices to say that most industries aren’t faring well due to restrictions on various everyday activities. In this regard, we’ve taken time out to see the Impact of Covid-19 on the Entertainment Industry with specific attention on America’s Hollywood and Nigeria’s Nollywood.
The Impact on Hollywood
Coronavirus has obviously taken a great toll on various country-specific entertainment industries without the exception of Hollywood. As the virus poses serious threats to the globe, Hollywood is really feeling a negative impact with the multi-billion dollar industry experiencing a drastic decline in revenue.
With Poland’s description of the coronavirus crisis as “a nuclear bomb going off in the middle of a business”, it suffices to say that the global entertainment industry is witnessing one of the worst setbacks in its history. It is no news that governments of countries across the globe are imposing clampdowns on activities all in a bid to contain the spread of the pandemic. Relatively, the latter reality has dealt a major blow to the entertainment industry with studios delaying the release of films and deferring the shooting of upcoming films.
In the US, movie theatres are under a lockdown while films in current production have been suspended as a way of protecting their crew and cast from getting infected with coronavirus. Moreover, films expected to be shot across countries are now on hold not only because there are restrictions on international trips but also because there is the crucial need to maintain social distancing.
Due to the outbreak of this covid-19 pandemic, the entertainment industry are largely affected. The major players operating in the global entertainment industry affected drastically are Warner Bros, Sony Pictures Motion Picture Group, Walt Disney Studios, Universal Pictures, 20th Century Fox, Paramount Pictures, China Film Group Corp., Netflix Inc., Hulu LLC, and Apple Inc., among others.
Several Hollywood productions are affected due to the outbreak, and productions shooting in any of the outbreak zones especially China, the US, Italy, and South Korea have been restricted to alter schedules, shift locations, or shut down entirely. For instance, Walt Disney canceled its European press launch in London.
In March, 2020, the US box office declared weekly revenue of “zero” for the first time since its establishment. Of course, the movie industry is prone to major changes in revenue, but according to the US film editor and critic, David Poland, coronavirus has pushed a “major shift” into the entertainment industry.
What Is the Impact on Nigeria’s entertainment industry?
Coming second behind India’s Bollywood, Nigeria’s Nollywood is one of the world’s most productive entertainment industries considering its weekly turnout of 50 movies. However, the unfavourable incidence of coronavirus is changing things for Nigeria’s entertainment industry.
Nigerian star actors, from convening here are there for live performances, musical concerts, film productions, etc., have joined the bandwagon of people championing the sit-at-home order of the Nigerian government. Cobhams Asuquo, a notable musician in the country, shared an impactful message urging people to “use soap and water to wage war” and to avoid shaking hands with each other.
What Are the Positive Odds?
Coronavirus has inflicted a major setback on businesses in the entertainment industry with cinemas shutting down, studios postponing productions and sporting events being cancelled. However, a particular aspect of the entertainment industry stands a great chance of yielding more profit than usual.
Even as coronavirus continues to escalate in spread, home entertainment seems to be on the favourable end as many more people stream movies and play online games. Gaming hubs around the world are cashing in on this advantage and Verizon, a US telco, is no exception.
According to a report, Verizon has experienced up to a 75% traffic increase on its online video gaming network since the start of the US countrywide shutdown.
The research team recently published a report addressing the impact of COVID-19 on the global entertainment industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors.
The report includes analysis of different regions and countries and the effect of COVID-19 on the entertainment industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.
Financial reports of companies involved in the market
Whitepapers, research-papers, and news blogs
Company websites and their product catalog
Government Organizations Reports
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
The Report Covers
Comprehensive research methodology of the Global Entertainment Industry.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the Global Entertainment Industry.
Insights about market determinants that are stimulating the Global Entertainment Industry.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.
The bottom line of our discussion in this article is that although home entertainment is raking in more profit than usual, coronavirus has afflicted the entertainment industry with a setback causing a major decline in the industry’s revenue.
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