The coronavirus pandemic has caused the film industry to be vulnerable, affecting not only production, but also consumption, as they both require people to work together in small spaces. The entertainment industry around the world includes entertainment venues such as trade shows, live events, sports, theatrical productions, amusement parks, movie theaters, concerts, and even online video streaming. Offline events, of course, were affected in multiple industries. Even Eventbrite fired 50% of their staff due to COVID 19, while companies like PromoTix launched a free ticketing service.
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The Growth Of Video Streaming
The main contributions to the growth of the entertainment industry prior to the pandemic include an increase in popularity of video streaming platforms, especially for the likes of big players Netflix and Amazon Prime. The growth of the multiplex chain and the increase in Hollywood investment from China also contributed to the growth in the industry prior to the pandemic. The main contributions that impact the industry post-pandemic, however, include cinema theatres and the theatrical product etc. being shut down.
Events Delayed Or Cancelled
COVID-19 caused events to be either delayed or cancelled, with the majority of companies having experienced losses. At the same time, there’s been a significant hike in video streaming. Streaming companies have been developing new solutions at a time when more people have been stuck at home. Netflix, for instance, developed Netflix party, an extension for Google Chrome that enables users to watch video together.
The Most Affected Regions
COVID-19 has affected the industry in most regions that include North America, Asia Pacific, Europe, and the Rest of the World. Europe and Asia-Pacific have been the regions affected more than any other around the world. This is due to the higher number of positive cases recorded in these regions, especially in Germany, France, Spain, and Italy in Europe, along with China in Asia-Pacific. All amusement parks and cinema theatres were shut down by the Chinese government in a bid to stop the pandemic from spreading. Not only that, but since February this year, there have been more occurrences of the disease in Europe, especially in such countries as Italy. In a bid to provide support to the public, the government in Italy launched a number of campaigns to assist people in coping with the lockdown. The official government website, for instance, encourages businesses to provide free e-learning and online services, and publications and data are made free.
The Key Players Affected
The key players in the entertainment industry worldwide affected by the pandemic include Apple Inc., Hulu LLC, Netflix Inc., China Film Group Corp, Paramount Pictures, 20th Century Fox, Universal Pictures, Walt Disney Studios, Sony Pictures, and Warner Bros. A number of Hollywood productions have also been affected. Productions being shot in an outbreak zone, especially South Korea, Italy, the U.S., and China, have been restricted in order to either shut down, change locations, or alter schedules. Walt Disney even cancelled a European press launch that was due to take place in London.