North American entertainment industry is expected to see a CAGR of 9.8% during the period (2019-2025). North America comprises the major economies of the globe which include the US and Canada. North American region has the largest entertainment industry across the globe attributed to the existence of the most popular amusement parks, theatrical and film productions, sports, and live events and trade shows. The most visited amusement park across the globe is the Magic Kingdom at Walt Disney World in Lake Buena Vista, Florida as per TEA with 20.9 million visitors in 2018, a 2.0% increase in audience from 2017. The world’s second most visited amusement park is Disneyland Park at Disneyland Resort, Anaheim, California with 18.7 million visitors in 2018. However, the outbreak of the COVID-19 pandemic leads to the widespread cancellation of sporting events and other communal entertainment which has affected the economy of the region. However, due to the COVID-19 outbreak, various online content production companies have stopped shooting all scripted TV shows and films in the US and Canada starting from March 16, 2020. The shows postponed due to coronavirus are Stranger Things 4 and Sex/Life starring Sarah Shahi.
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North American entertainment industry is segmented into online video streaming, amusement parks, theatrical & film productions, sports, and live events and trade shows. Based on the segmentation, the live events and trade shows industry is expected to get highly affected due to the outbreak of a pandemic. The major factor for the downfall of the live events and trade shows industry includes stern government restrictions for the travel and tourism coupled with the practice of social distancing, regarding the rapidly spreading COVID-19 across the globe. It is expected that the restrictions on large gatherings will be in place for some more time, which will result in lower attendance at events. Moreover, the amusement & theme parks is another industry vertical significantly affected by the COVID-19 pandemic. Theme parks across the globe have been closed to prevent the COVID-19 pandemic.
COVID-19 outbreak has severely impacted the North American countries including the US and Canada. The US contributes majorly to the North American entertainment industry. Improving business investment combined with strong consumer spending aided GDP growth. Before the outbreak of the COVID-19 pandemic, the US entertainment industry was growing considerably owing to the growing consumer base and growing disposable income in the country. The US is among the highly affected economy due to the outbreak of COVID-19. Amusement parks are closed, and sports, live events, and trade shows are canceled and postponed due to the COVID-19 pandemic. This will impact the US economy growth as the entertainment industry plays a large role in the US economy.
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Verticals Affected Most
· Online Video Streaming
· Amusement Parks
· Theatrical and Film Production
· Sports
· Live Events and Trade Shows
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
