The setbacks experienced by businesses across the world have lent credence to the reality that coronavirus is one of the major global health crises in the history of humanity. Undeniably, many industries are under shutdown and it is very obvious that the entertainment industry is no exception.
As the coronavirus pandemic shifts attention from many other sectors to the health sector, it suffices to say that most industries aren’t faring well due to restrictions on various everyday activities.
In this regard, we’ve taken time out to see how the entertainment industry is faring with specific attention on America’s Hollywood and Nigeria’s Nollywood.
The Impact on Hollywood
Coronavirus has obviously taken a great toll on various country-specific entertainment industries without the exception of Hollywood. As the virus poses serious threats to the globe, Hollywood is really feeling a negative impact with the multi-billion dollar industry experiencing a drastic decline in revenue.
In March, 2020, the US box office declared weekly revenue of “zero” for the first time since its establishment. Of course, the movie industry is prone to major changes in revenue, but according to the US film editor and critic, David Poland, coronavirus has pushed a “major shift” into the entertainment industry.
With Poland’s description of the coronavirus crisis as “a nuclear bomb going off in the middle of a business”, it suffices to say that the global entertainment industry is witnessing one of the worst setbacks in its history. It is no news that governments of countries across the globe are imposing clampdowns on activities all in a bid to contain the spread of the pandemic. Relatively, the latter reality has dealt a major blow to the entertainment industry with studios delaying the release of films and deferring the shooting of upcoming films.
In the US, movie theatres are under a lockdown while films in current production have been suspended as a way of protecting their crew and cast from getting infected with coronavirus. Moreover, films expected to be shot across countries are now on hold not only because there are restrictions on international trips but also because there is the crucial need to maintain social distancing.
What Is the Impact on Nigeria’s entertainment industry?
Coming second behind India’s Bollywood, Nigeria’s Nollywood is one of the world’s most productive entertainment industries considering its weekly turnout of 50 movies. However, the unfavourable incidence of coronavirus is changing things for Nigeria’s entertainment industry.
Nigerian star actors, from convening here are there for live performances, musical concerts, film productions, etc., have joined the bandwagon of people championing the sit-at-home order of the Nigerian government. Cobhams Asuquo, a notable musician in the country, shared an impactful message urging people to “use soap and water to wage war” and to avoid shaking hands with each other.
What Are the Positive Odds?
Coronavirus has inflicted a major setback on businesses in the entertainment industry with cinemas shutting down, studios postponing productions and sporting events being cancelled. However, a particular aspect of the entertainment industry stands a great chance of yielding more profit than usual.
Even as coronavirus continues to escalate in spread, home entertainment seems to be on the favourable end as many more people stream movies and play online games. Gaming hubs around the world are cashing in on this advantage and Verizon, a US telco, is no exception.
According to a report, Verizon has experienced up to a 75% traffic increase on its online video gaming network since the start of the US countrywide shutdown.
The bottom line of our discussion in this article is that although home entertainment is raking in more profit than usual, coronavirus has afflicted the entertainment industry with a setback causing a major decline in the industry’s revenue.* BEST DEALS & OFFERS*
◊ Get Free ₦1,000 plus 5% - 15% interests on savings and over 35% return on investments: Create a Free Account on PiggyVest --CLICK HERE
◊Join the Best P2P Crypto Exchange site REMITANO, Get Up to 33% Off remitano.com Deals/Orders --CLICK HERE
◊Order Ultimate Virtual Soccer Hacks and Secretes to Win 100k Daily --CLICK HERE
◊Register Your Business Name With CAC and Get it in less than 2 weeks--CLICK HERE
◊ ◊Grab Ultimate List of Over 100+ Companies That Pays You Up To $2500 To Blog and Post Online ( #3000 Only))- CLICK HERE