Different Shades of a Pandemic crisis on the Entertainment industry
The Covid-19 pandemic will have after-effects on the media and entertainment industry, turning out to be disastrous for films, entertainment events and theme parks. It will, however, boost digital media consumption.
During the lockdown period, TV, gaming, digital and OTT (Over-The-Top) platforms are seeing consumption growth. On the other hand, outdoor consumption models such as films, events, parks, are witnessing a dramatic fall with social distancing norms in place, digital consumption has seen rapid incremental growth. Digital media consumption, particularly OTT, has seen a surge during the lockdown period in terms of both time spent and newer audiences. The resultant habit formation is likely to result in a new higher normal once the situation around Covid-19 comes under control.
TV viewing has increased, though lacking in fresh content. As of now, news channels are popular as viewers follow Covid-19 updates in real time.
Sports in particular could emerge as the big draw when recovery begins, as most major sporting events were subsequently postponed and or cancelled altogether looking at the surge in the covid-19 pandemic cases across the world. Before total closure some football leagues adopted a no-fan at the stadiums policy, which might be the case for a while when easing of restrictions takes place.
When it comes to live events, it would be a delayed recovery for them as social distancing behavior will take a while to dissipate.
Talking about radio, the demand for timely, localized content should remain strong even after recovery. But ad-spends could take time to recover.
Print can get a new lease of life. Higher credibility in the face of proliferation of fake news on social media, suggesting that circulation might pick up once restrictions are lifted also resulting in improved ad monetization.
Outdoor entertainment (films, events, theme parks) will see its recovery take a much prolonged recovery as it stands, no gatherings of more than 100 congregates is allowed, and this has impacted negatively on performing artists, musicians, events/venue owners and the likes as no form of revenue has been generated during the lockdown period.