World economies have been disrupted by the covid-19 pandemic. And across the entertainment industry it is no different. From a temporary collapse of live businesses for recreation through to a surge in gaming activity.
Covid-19 pandemic has been an unrivalled health crisis and has had an immense impact on every aspect of the global economy including the thriving entertainment industry.
Covid-19 has been described as an infectious disease that causes respiratory infections. The symptoms of COVID-19 range from fever, cough, and shortness of breath and breathing difficulties.
The lockdown in many countries with high infection cases have seen cinemas and movie theatres close down. And those that remain open are practically operating at a partial capacity due to social distancing in line with covid-19 measures for protection.
Demand for diverse content increased as the lockdown was imposed in nations across the globe. Having both subtitling and dubbing made content accessible to the wider audience, which allowed the appreciation of films and Tv shows worldwide. Major streaming platforms recognized the importance of localization of content. This is achieved because they have a well-defined process in place to localize content and those who do not have such processes in place are actively working towards achieving it and having it ready as soon as possible.
Cinemas across the globe saw a 70.4% decline in 2020; the pandemic also pushed for a rethink in the movie industry. The revival for cinemas is already heading forward, though the sector is expected to rebound from 2020’s fall, reopening and demand for filmed entertainment around the world remains high for cinemas.
The global pandemic hit in-person entertainment experience hard, causing almost an entirely shut down in most countries around the world. About 74.4% of revenue was lost due to the inability to hold live shows. However, with the consumption pattern during the pandemic, there is surely a wide-spread expectation that the demand for live events will rebound.
The obvious trends in the media and entertainment industry prior to covid-19 saw the growing market dominance of digital sales, gaming streaming and user generated content surged with the pandemic. As much as the industry expects some kind of return to normal, consumption patterns and consumer habits learned or engaged during the pandemic have become mainstay. Many sectors suffered greater losses in the battle for market share which included traditional TV, home video, newspapers and consumer magazines bucked the trend in some markets. Video games, internet advertising and virtual reality are projected to be the fastest growing areas over the next few years.
It is really becoming a thing to say that internet access is now a basic and essentially utility across the developed/developing worlds. But it is definitely also a push for growth with so many people stuck at home, the surge in downloaded and streamed content led to some internet service providers stating the spike in data usage to be 70% and the overall figure of 40% more data consumed. With smartphone connections an increasing number of invested consumers on internet connections during the year has taken the total to 1.1bn.
In conclusion, as much as covid-19 had disrupted a lot, it’s still helping to reshape the entertainment industry and content creators should leverage on it.