The coronavirus pandemic has had a widespread effect on industries worldwide. With a number of businesses either slowing down their operation or even closing down, the impact of the virus has hit the economy hard. One of the industries that have been most affected by the pandemic is the entertainment industry. The industry has had to vastly adapt to the situation in order to continue operating as best as possible; and, in some cases, these adaptations have even led to innovative processes being created that will no doubt continue post-COVID-19.
What is the entertainment industry?
The entertainment industry is a group of sub-industries devoted to entertainment. The entertainment industry is used to describe the mass media companies that control the distribution and manufacture of mass media entertainment. Although the industry is predominantly made up of media related sub-industries such as theatre and music also make up part of the entertainment industry.
Coronavirus’ impact on the entertainment industry
The COVID-19 pandemic has had a huge impact in the entertainment business, with one of the largest parts of the industry, television, arguably being hit the hardest.
There are two main obstacles that are being faced by television. In the short term, programme supply is becoming an issue as production companies are unable to make episodes. This presents a potentially critical issue for long-running, daily shows. Secondly, and, in the longer run, fundamental changes to how shows are produced may need to be implemented sooner rather than later – might we start to see television shows where characters follow social distancing guidelines? Or where sets of TV shows are a lot more simplistic and ‘safer’.
Another area of the entertainment industry that has taken a hit is the live music sector. The shutdown of the $27bn global live music industry has meant that artists could face a lean spell. And, although streaming capabilities have allowed artists to continue making and promoting their music, the real money still sits within the live performance market. It is also believed that it could be a lengthy wait until we see the return of live music and mass gatherings. This is likely to be at the end of 2020 at best but most likely we will not see them return until 2021.
Theatres and theme parks
Theatres, theme parks and comedy clubs are all in the same situation. Premises closures have meant that many areas have had to stop operating, which of course means that these businesses are unable to generate revenue. In some cases, the impact of coronavirus has even meant that there has been job losses within entertainment, similar to across many other industries. However, some of these premises could re-open in the latter stages of the year, if social distancing can be kept to and we continue to see a drop in the number of cases. An endless number of businesses are now going to have to adapt in order to re-open, to ensure they are keeping both customers and staff safe at all times.
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Online gaming is one of the industries that has been least affected by the pandemic and has actually profited well from the situation. Many gamblers who would have previously visited their local casinos to play their favourite casino games but have now moved online for this service. This has altogether prompted a huge rise in a number of people using online casinos, in what continues to be a saturated market. Casino comparison sites, such as Asiabet, are continuing to offer bonuses in order to entice customers, in what is becoming an ever more saturated market – an acquisition tool that has become increasingly prominent with the rise in demand. One casino listed on the site is offering a 10,000 Indian rupee welcome bonus, on top of offers for returning players – something that is likely to enhance their market share both during the pandemic, and thereafter.
The large interest in the online casino market over the past months has been extremely encouraging for the industry. The flexibility that the online gambling market has showcased during this time is not only encouraging for the present, but could even represent a new era moving forwards. It will also now be interesting as to whether this continues, as lockdowns continue to be eased and sport returns.
Due to social distancing rules that had been enforced in many countries – a large number of contact sports and sporting events have not been able to take place. Although many sports have begun to be reintroduced, the impact that COVID-19 will have on sports (both the way we partake and consume) will last for a long, long time.
The earliest, most notable sporting reintroduction was that of the German Bundesliga. However, the football did not return to normal in Germany. The sport has been reintroduced with additional safety measures in place for the staff and players, and without the presence of fans in the stadium.
To conclude, the pandemic has impacted a variety of different industries in a variety of different ways – and the entertainment industry is no different. Despite safety measures and precautions being loosened over recent times, it is crucial that the industry continues to adapt and develop as we move forward. The challenges range from working out how to stage live performances to managing social distancing in queues for roller coasters. It remains to be seen exactly how different markets within the entertainment industry will change their procedures and the way that they operate on a day to basis; but what is clear is that changes will need to be made in order to keep people entertained
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