How Entertainment Industries are Profiting During the Covid-19 Shutdown?

The Boom in Digital Entertainment

When one door closes, another opens. Thus, to prevent boredom consumers are actively seeking new ways to keep themselves entertained. This has led to a major shift, and increased usage of online video streaming services like Netflix and Amazon Prime.

A recent study conducted found that 75% of the respondents are now relying on streaming content more than ever before. This has forced cinemas and theatres to remain closed, which also means that new changes will be seen in these domains. This has also led to the postponement of major ongoing projects. Many previously filmed projects are on hold due to the potential crowd health risks it might cause otherwise.

A large number of people who worked in these sectors had to reschedule their plans. Majority of the ones working on the backend have lost their jobs and source of livelihood.

Some major blockbusters scheduled for 2020 like ‘Wonder Woman’, ‘Mulan’ and ‘No Time to Die’ are on hold until further notice. Normalizing going for movies will take some time to build up. Thus many outlets undertook the bold approach to stream their projects directly on the internet instead.

Now Live

Social distancing is the key way to fight this pandemic. Artists are devising new ways to entertain without defying the social distancing mandates. Some have also taken an interesting approach to live stream their daily routines. Many films shifted to a digital release like ‘Scoob’ and ‘Onward’. So many musicians are airing live musical performances from their home through live streams or conference apps like zoom. One such example is One World: Together at Home concert. It included major artists like Lady Gaga and Billie Eilish and garnered millions of people from around the world to tune in digitally.

People everywhere are connecting digitally. Everything is online, from church meetings, stand up comedy shows to online classes for cooking, learning, and more. So it’s not wrong to assume, digital has become the new normal.

How is the Traditional Industry Dealing With COVID-19

TV Channel companies and production houses are struggling, however, on the flip side, Netflix and digital platforms are thriving. Numbers indicate that more than 15 million accounts joined these domains between the months of January to March. Broadcasting companies are struggling to make money from sources such as advertisements.

As people have become confined to their homes, streaming services have become essential. This upsurge in demand has made digital platforms a necessity. This has led to throttling of streaming quality which is lowering the quality of the videos played. This is done to avoid the threat of crashing or buffering due to the heavy usage of any platform.

Do Free Things Work?

People love freebies. Free trial periods do help in selling the product, regardless of the industry, you operate in. A person is very likely to make a purchase if it has a free bonus that comes with it. As a way to fully capitalize on this short period, industries and digital marketing services offer free trials and services to their customers to let them test, experience, and maybe even get hooked onto the product.

Many companies have taken this opportunity, including major industry giants like Apple TV+, and Scribed. By offering a month or 90-day free access to their services, brands get customers to try their services. Approaches like these always prove to be successful. These offerings also help smaller businesses to establish themselves as a niche.

The lockdown has become the new normal and every day we’re adopting a new lifestyle. Studies show that people choose to utilize these free services, hence working as a great bait in luring people into streaming content for hours. The streaming hours have doubled during this pandemic which helps both parties.

Welcoming the New Normal

The future of entertainment much like any other sector is in a blur. The entertainment industry is going through a rough patch, but some have found a way to find an opportunity in these and have made it profitable. The future of the entertainment industry is now digital.

When people are stuck within the four walls of their home they opt to spend their time viewing things that will help them feel like they’re a part of another world. Streaming services offer comfort served in the form of a show or a movie. This magic of streaming is the power that has attracted people and is helping them stay indoors during the lockdown.

People prefer to stream because it offers them control over what they want to watch and at what time, without any obligations which is unmatched to any other forms of entertainment.

Streaming and subscription services are now becoming a part of every household. There is an increasing shift towards digital entertainment. Producers are actively looking for ways to present and create content in a way that’s unique to reap maximum benefits out of it. People who were not using these domains earlier are now adopting them.

This pandemic has made businessmen realize the various ways of serving entertainment and how people can enjoy it within the comfort of their homes.

Now that there has been such a drastic shift in the lifestyles of people, it makes everyone wonder, ‘how will things be once this major crisis is averted?’

Blog Source: Master Entertainment Workshops LLC

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