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25 September 2020

How COVID-19 Impacted Entertainment Industry

By // Music

The year 2020 will be remembered for years to come. The countries worldwide are continually calculating the economic impact of COVID-19 and all the losses caused by this terrifying pandemic.

Almost all industries have been hit. However, some suffered more damage than others, while some even managed to thrive!

The global entertainment industry is among the most severely affected, with many shows, concerts, movie premiers, and festivals being cancelled because of the coronavirus.

According to the most recent data, the global film industry alone had lost seven billion US dollars from the middle of March, when the lockdown started. Moreover, the movie industry may be losing another ten billion in revenue if the pandemic’s economic effects continue.

Millions of people are at risk of losing their jobs, and the industry itself is on the verge of total collapse if something doesn’t change soon.

On the other hand, online streaming services like Netflix or Amazon Prime, which were important industry disruptors before the COVID-19, have gained more traction and substantially increased their customer base.

The music industry was also seriously affected, with live performance revenue as the biggest casualty. The estimates say that many months of the complete lockdown cost the industry more than ten billion dollars in sponsorships. If this critical situation continues, empty venues and tickets not being sold will have an even more devastating effect.

The world’s music industry is estimated to be worth $50 billion. Live music is the most lucrative part, making at least 50% of the total revenue. But, online music subscription revenues have increased a whopping 70%!

Similarly, as a vital entertainment industry sector, many land-based casinos were closed during the lockdown and are still suffering from many bans and restrictions. Even without strict measures introduced by governments to prevent further spread of the virus, people are already scared enough to avoid indoor events of any kind, including gambling venues.

Just like the movie and music industry disruptors, land-based casinos have been seriously rocked by online live casinos that offer a real-life casino experience from the comfort of players’ homes. Hence, live casinos have become extremely popular during the lockdown.

With an ongoing pandemic, many avid casino players have switched from land-based into the online casino world. The reason is obvious: live dealer games featured in live online casinos offer the best from both worlds, but from the safety of your room!

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