During the pandemic, our living standards have shifted a lot, and there has been a significant increase in the entertainment consumption trend. Let’s check them out here.
The pandemic wreaked havoc on the media and entertainment industries. The box office in the United States fell by 80% in 2020, and live events lost $30 billion globally.
Over the last 18 months, canceled events, vacant theatres, and permanently shuttered venues have left a mark on whole sectors of media and entertainment.
But, every now and again, a crisis gives clarity.
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While the changes have been devastating in many ways, they have expedited many trends, advanced certain user habits, and provided a look into the future for the $2 trillion entertainment and media business.
Entertainment Consumption Trends Increased During The Pandemic
Consumer behavior is fast changing as the globe adjusts to a new normal, including social separation, working from home, and virtual meetings. As a result, demand for at-home digital media is predicted to skyrocket as habit development and convenience of access emerge as critical motivators.
OTT platforms and digital media are already acquiring new customers and spreading into new markets and demographics. In addition, the viral outbreak of the COVID19 pandemic has amplified the already noticeable move from digital device entertainment to large-screen TV viewing.
It has offered a massive boost to broadband internet/fiber-to-the-home (FTTH) providers.
Even when the crisis is gradually passing, the psychological aftereffects of the virus may make it difficult for consumers to adopt external consumption models again, particularly in places most afflicted by the crisis.
In this case, the recovery in outdoor M&E consumption may lag behind that of other parts of the world that may have been less affected. This is why movie downloading sites such as https://thenewpiratebay.org/ have gained popularity once again, and the average download number has increased potentially.
This might open the way for innovation and outreach solutions in which consumers engage through virtual live events and new distribution models.
Technological improvements may play a critical role in providing outdoor entertainment and outreach directly to consumers in such formerly virus-infested areas.
Change In The Global Entertainment Landscape
Thousands of alternative entertainment choices challenge live events’ long-term dominance. While the box office was crushed in 2020 and most of 2021, global video streaming memberships hit 1.1 billion.
Netflix surpassed 200 million users, and music streaming accounted for 83% of the record industry’s earnings. Furthermore, there are currently 3 billion worldwide gamers, with 2.8 billion of them playing mobile games.
Perhaps most concerning for sports event organizers is that members of Generation Z are less likely to self-identify as sports enthusiasts or watch games live, adding to pre-pandemic attendance and live viewing losses.
In truth, none of these patterns are out of the ordinary for 2020. The rise of interactive media and the decrease of conventionally consumable live events result from a decade-long shift toward streaming, gaming, e-commerce, and digital services.
The Covid-19 pandemic merely emphasized these themes. Fans demand more personalized, contextual, mobile, accessible, interactive, linked, and rewarding experiences when it comes to entertainment.
From Fewer TV Programs To Fewer Movie Releases
With production studios temporarily shuttered in 2020, the number of initially written TV shows across broadcasts fell for the first time in almost a decade. There were 493 scripted shows in 2020, down from a high of 532 in 2019.
Due to production delays, numerous television shows were rescheduled for the 2021-22 television season.
Furthermore, it has been stated that the production lag has impacted streaming video. For example, in the first few months of 2021, the number of original shows on Netflix fell by 12% year on year.
There were 1,665 concerts in 2020, lesser than 1,675 the previous year. Over the last five years, this number has been relatively stable. When it comes to platforms, pay-TV accounted for 903 programs; a significant decrease from 1,064 in 2019 has been observed.
Online services made up for the loss, which increased to 537 shows in 2019 from 381 in 2019. The broadcast was a steady landmark year over year, but it also decreased from 230 shows in 2019 to 225 in 2020.
Similarly to television series, the number of movies released in 2020 decreased as studios pushed release dates into 2021. According to the research, there were just 338 theatrically released movies in 2020.
It was a 66% decrease from 987 movies in 2019. Furthermore, the expected number of films that began production in 2020 fell by 45%, totaling 447.
As the number of films and moviegoers fell during the pandemic, putting movie theatres in jeopardy, studios looked for new methods to provide video entertainment into homes and increase income.
The Future Is Digital
We now expect the ‘digital billion’ trajectory to accelerate dramatically due to the lockdown, not just with the addition of new users but also with the increased comfort and confidence of the existing digital citizenry.
Younger people will likely consume more online gaming, while older adults will probably prefer traditional TV programs offered through a digital ecosystem.
Demand for OTT originals, which we recognized as a competitive difference in our study, should return. Players may be anticipated to progressively push out original content for specific audiences as lockdowns relax.
Therefore, if you want to know more about it, ping us in the comment box below.
