After Coronavirus, Entertainment Will Never Be the Same
The pandemic is revealing pressure points across the industry as consumers are left with more time than money to spend on content.
Netflix’s “Tiger King” was must-see shelter-in-place viewing for many. Future wins may be harder to achieve.
Source: Netflix
No industry has been safe from the disruption of the Covid-19 pandemic. For some, it may prove just a temporary stressor that they can eventually move past. But for the world of television and entertainment, the economic shutdown is hastening an unsettling inevitability: a permanent shift in how we watch and pay for content.
The seismic changes that began shaking up Hollywood in recent years intensified in the weeks and months leading up to the coronavirus outbreak. The meteoric rise of Netflix Inc. inspired copycat services that were beginning to spring up from the traditional media stalwarts. Studios and cable programmers had to shift some of their focus to streaming apps, away from theaters and traditional TV audiences. The box office was already showing signs of trouble, raising questions about the long-term relevance and viability of movie-theater chains. (Indeed, Netflix’s revenue surpassed annual U.S. cinema ticket sales long ago.) And while industry giants such as Walt Disney Co. were getting bigger, the weak were getting weaker.