The entertainment industry is long considered one of those industries that is recession-proof. Even when there is an economic downturn, the common thought is that people still need to be entertained and be happy so films and TV will always be part of the spending patterns. Now, of course, this hasn’t always been proven true but in the light of the impending downturn due to the COVID-19 outbreak, how will the M&E industry be affected and how will it manage to recover from what some people are saying could be the biggest economic depression of a lifetime?
Well like many outdoor industries, the production sector of the media and entertainment business (film, TV, OTT, Live Entertainment, etc) has been ground to a complete standstill in the wake of the government announced lockdown. The only shoots that are happening are vlogs for social media and some short films that are being made for YouTube and Facebook from the confines of someone’s house. Other than that, the lights and cameras are in the warehouses and there is certainly no action at all. This is not the only part of the business badly affected, the exhibition business, cinema halls, theatres, live events, exhibitions, concerts, etc, have also all had to be closed down or canceled as their very nature is that they bring scores of people together. Under the current circumstances, such activity is dangerous, so since, about a month, all big events and all movie halls and theatres are shut down to huge losses for the businesses that operate them.
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Start Up City - June 2020