The film industry is vulnerable due to the pandemic as both the production and the consumption of its output require numerous people together in small spaces. The global entertainment industry includes various entertainment venues such as online video streaming, amusement parks, theatrical productions, sports, live events, and trade shows. The primary factors for the growth of the entertainment industry before the COVID-19 pandemic include the increased adoption of online video streaming especially Netflix, Amazon Prime, among others. The rise in the multiplex chain and their expansion in semi-urban areas along with the rising number of Chinese investors in Hollywood were also the growth-enhancing factors of the entertainment industry before the pandemic. However, the key factors that affect the entertainment industry after the COVID-19 pandemic include the shutdowns of the theatrical product, cinema theatres among others.
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Global Entertainment industry report is segmented based on online video streaming, amusement parks, theatrical productions, sports, live events, and trade shows. 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 new solutions when people are residing more at their homes. For instance, Netflix launched a Google Chrome browser extension named Netflix Party which allows the users to access the video in groups and watch them together.
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The novel COVID-19 has impacted the entertainment industry in most of the regions including North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific and Europe are the largely impacted regions across the globe. This is attributed to most of the cases recorded in these regions especially in the countries including Italy, Spain, France, and Germany in Europe and China in Asia-Pacific. The Chinese government has shut all the cinema theatres and amusement parks in order to stop the COVID-19 spread among peoples. Further, since February 2020, the occurrence of the disease has raised in the European region especially in countries such as Italy. In order to support the public, the Italian government has launched various campaigns to help people cope with COVID-19 lockdown. For instance, the government website encourages companies to offer free online services and e-learning, and data & publications are made free.
Verticals Affected Most
- Online Video Streaming
- Amusement Parks
- Theatrical Productions
- Sports
- Live Events and Trade Shows
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