Categories: Industry

Virus Shakens the Entertainment Industry

Virus Shakens the Entertainment Industry– The ongoing pandemic has caused the Box Office for the first time in history to report the revenue of zero world wide.

Thousands have lost their lives as virus sweeps the globe and the film industry also struggles.

Studios have postponed their upcoming films, pushing the release dates to later in the year and even to 2021. The films which are currently under production are on hold until it is safe for the cast and crew to manage their work. World wide the movie theatres have been closed to prevent the spread of this virus. This pandemic has led to the cancellation of various events, award functions, interviews, and shooting schedules.

Shahid Kapoor announced that the team of his upcoming movie “Jersey” has decided to suspend the shoot of the film in order to stop the spread of coronavirus.

Yash Raj Films also delayed the release of Dibakar Banerjee directed the movie “Sandeep Aur Pinky Faraar”.

Akshay Kumar starrer Sooryavanashi has been pushed indefinitely. The release of Hollywood movies like A Quiet Place-2, the new James Bond movie No Time to Die has also been delayed.

A movie like Mulan at Disney got postponed and part of the reason was that it is expected to do the business worldwide but now the production company has to wait for Asia and the rest of the world to settle down and be available to go theatres before they can release it.

Corona impacted Music Industry

As with many sectors, music and live entertainment have been severely impacted by corona worldwide. The music industry is linked with other entertainment like movies, concerts, singing competitions, award shows, and many more. A whole year of celebration and functions has been thrown into deep doubts.

Music business worldwide found that global streams for Spotify’s top 200 chart dropped 11%, this occurred when a number of countries followed the shuttering of shops, bars, colleges, schools by conveying people to practice social distancing and to stay indoors.

Lots of people are associated with the entertainment industry as per their skills and knowledge and now all of them were unemployed due to this outbreak because all the events were canceled.

Companies like T-Series, Tips Music, Sony Music Entertainment, Universal Music Group, and others are dealing with huge financial crises, and day by day they were losing their financial position in the industry. The story is the same in the US with music companies like Live Nation and AEG has suspended their tours.

Video streaming achieves a boom

The reports tell us that audio streaming was down 10% and the video streaming saw the spike of 14.5% and it is expected that this growth rate will increase more. In other words, people are choosing video streaming platforms over the music. Generally, people are using Netflix, Amazon Primes Videos, Zee 5, ALT Balaji, and other video streaming platforms.

Netflix has recast its subscription growth and Amazon Primes Videos has seen its growth by 33%, cut-throat competition is going between them and they have manipulated their policies in order to capture more viewers at the global level.

The World tunes into Radio

In this era of hectic schedules where the radio has come to extinction but due to the outbreak, people had started listening radio for audio streaming as well as to get the updates of their city. According to BBC, they saw its own radio streaming increase of 18%. In our country, people had started listening to radios for their entertainment purpose. Similarly, US radio conglomerate iHeart radio has also reported an increase in their growth reports.

Another innovative is of Instagram Live from Music world comes in the form of live battles. These battles are essentially shared the Instagram Live streams between two artists who go back and forth and for sharing their biggest and favorite hits.

If quarantining measures and the efforts of the doctors and researchers continue worldwide then our story may have a happier ending than some of the biggest pandemic themed blockbusters.

Faiz & Mohtasham

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