The COVID19 undoubtedly affected the movie industries around the globe. The industry is going through a tough time like never before. Lockdown and restrictions declared by authorities banned the operation of movie theaters, movie production, and the working of studios. Several cinemas have been withdrawn from theaters, big-budget films which are expected to release this year are disrupted, and numerous movies are idling for post-production. Stock prices of major theater chains like AMC and Cinemark are falling. When we consider the entertainment industry from a wider perspective, it includes movies, television shows, web series, and freestyle productions, etc. are affected by COVID19. There is a huge decline in the industry for the last four months that weren’t foreseen nor predicted. In a situation where the lockdown and restrictions elongate by different governments and authorities as viruses still spreading reports say entertainment continues to roil.
According to the figures for the last few years, there are 9 industries grossed more than US$1 billion each year. The Hollywood, U.S entertainment industry is the kingpin worth of more than US$100 billion offers more than 2 million jobs. Hollywood considered one of the most substantial contributors to the US economy and its one of the most important export to the world. The industry began to record declines when the novel coronavirus spreads in China, but in the third month of the outbreak Hollywood fell into struggle as the United States became the center of the pandemic. The second biggest film industry, China with average revenue of US$ 7 billion each year muddled by the virus. The virus spreading was at the peak of Chinese New Year, the entertainment industry was in massive trouble. Indian Industry, the third biggest production covering different regional versions was not in a distinctive position neither. A loss of US$ 1 billion expected in the Hindi language industry solely. When we take on other regional languages the loss will be very huge. In various languages, 2000 films were expected to release in India its supposed large decrease in this number, other major industries in the globe like Korean, British, German, French, and Italian are in the strain due to COVID19.
During this lockdown period financial experts point out another interesting fact; when the entertainment industry around the globe struggling the digital streaming platforms showed their rapid growth. Several movies are released in different digital platforms aiming people who held in lockdown. Many movies that are contracted to sell through theaters are forced to deliver through digital streaming platforms by the extension of lockdown. A report by the Box office identified that the week of March 13 to March 19 the revenue collected through ticket collection dropped from US$ 215 million to US$ 58.9 million, later it slipped notably from April 3 to April 9. Theaters were already in a strain with the cost of rapidly changing technologies and an increase in the operating cost. At the same time reports reveal the reach of digital platforms is becoming high even in countries like India and Bangladesh. But the restrictions in production and shutdown of studios is expected to affect digital streaming media in the upcoming months.
The lockdown and unwelcoming news circulating over COVID19 are influencing people very badly, whereas the cinema which is considered as the most influential entertainment of people and its restrictions are affecting the public. Big budget movies like MGM’s No Time To Die, Warner Bros’s Wonder Women, Disney’s Mulan, and Black Widow are on the list of 2020 movies awaiting the release. Producers also worry about the reopening of theater and expiring content. Increasing job loss is another huge problem in the entertainment industry. Governments and authorities are trying to protect their biggest contributors to the economy and various packages are being announced. The U.S. government offered $ 2 billion aid to industry and $600 weekly wage to the workers, whereas it will become more complex if the corona fears raising and social and economic transformations during these circumstances.