COVID 19 and Its Curse On The Entertainment Industry
Inconceivable are the losses incurred by almost all the sectors of business and economy. Covid19 has shattered all the running industries bringing a halt to the daily earnings of the people working for small as well as large scale sectors. The largest and the most happening industry – the Entertainment Industry has been hit badly too, leaving the small role players look for other options but in vain.
In the wake of this pandemic, cinema halls, malls, amusement parks, clubs, sports complexes etc. has been shut down for unforeseen time.The business of online gaming portals, phones applications and online entertainment sources such as Netflix, Amazon Prime etc. have seen a hike in engagements. The people are confined to their homes and these mediums are the only source of entertainment and solace to their frustration.
Business of entertainment industry has been adversely affected and plenty of television series are just airing reruns of the old recordings and episodes. This stagnation s reflecting badly on their revenues.
Demand for online forms of media—TV programs (broadcast and on-demand), short-form video, music streaming and online gaming has surged. In some instances, video-on-demand (VOD) content has been offered for free or at a discount. This has no doubt increased the volume of consumer engagements but is not able to bring much solace to the entertainment industry as the advertisement revenues are down.
The quality of video streaming has also been affected as the demand for content is hiking and to ensure that the networks aren’t overwhelmed, the quality of streaming has to be compromised.
As this pandemic doesn’t seem to curb soon, the advertisement industry has also started designing their content based on this crisis and the precautionary measures to be taken during Covid19.
Coming to the sports, events are being cancelled and the companies and organizations are aiming at reaching the customers digitally. They are opting for eSports or online simulated events to reach up to their fans. Many eSports leagues have moved to online-only events after the cancellation or suspension of in- person events.
Movie releases are either being delayed or being aired on online portals as web series.
Musicians are streaming online as the live shows are cancelled.
In India, media and entertainment industry has asked for government intervention, as an industry that employs 60 million has come to a standstill. As the national events have been cancelled, around 10 million people associated with the entertainment industry, have been badly affected and unable to earn their livelihood.
The events and entertainment industry, indirectly, provides jobs to another 50 million through allied sectors like food and beverages, hospitality, tourism, advertising and marketing industry. These spheres have also been badly hit because of their stagnancy.
According to the media and entertainment association, there has been already a loss of Rs. 3000 crores.
“The adverse impact of this crisis on the events and experiential industry is expected to last for months while the impact in the first two months alone is pegged at over Rs 3,000-5,000 crore, at a minimum, as projected in a survey of 100 units in the sector,” the Media and Entertainment Industry Association said.
This pandemic has hit and will leave a scar on all spheres of people and their livelihood for a very long period of time. Therefore, entertainment industry has also to find a way to move along the journey of this crises by taking some innovative steps. They have to access the impact on their employees and consult them along with their network of contractors and stakeholders. They need to formulate programs which can entertain their audience being created in constrained time. The content is needed to be created keeping in mind the state and centre’s regulations. They need to approach the government too, to help them with the stimulus incentives targeted at media and entertainment industry.
Together we have to, we shall and we will survive this crisis.