Global Entertainment industry report is segmented based on online video streaming, amusement parks, theatrical productions, sports, live events, and trade shows.
The global entertainment industry includes various entertainment venues such as online video streaming, amusement parks, theatrical productions, sports, live events, and trade shows.
The entertainment industry(film and music) is vulnerable due to the pandemic as both the production and the consumption of its output require numerous people together in small spaces.
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.
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.
The novel COVID-19 has impacted the entertainment industry in most of the regions across the globe.
Case study: 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.
The industry might change drastically if the pandemic continues for the next 2 years in this manner.