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How the Media and Entertainment Industry Was Severely Impacted Due to COVID-19

The global theatrical and home/mobile entertainment market was $80.8 billion in 2020, the lowest level since 2016 and an 18% drop from 2019.
Entertainment

The media and entertainment industries were impacted massively during the global pandemic, as sectors like cinemas, drama’s, concerts, and many more were forced to close temporarily, individuals around the world diverted to digital sources of entertainment.

Millions of people around the world were forced to stay home, passionate video viewers were fortunate that they had access to multiple video services like Netflix, Amazon Prime, Hulu, YouTube and Disney Plus.

The global theatrical and home/mobile entertainment market was $80.8 billion in 2020, the lowest level since 2016 and an 18% drop from 2019.

We’ve explored into the global revenue for the media industry in 2020, the global theatrical and home/mobile entertainment market was $80.8 billion in 2020, the lowest level since 2016 and an 18% drop from 2019. The most significant loss was in theatrical revenue, which fell from $42.3 billion in 2019 to $12 billion in 2020. Theatrical entertainment only accounted for 15% of total worldwide entertainment income in 2018, compared to 43% in 2019.

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Within the media and entertainment industry came gambling, as the pandemic hit, physical casinos, betting shops, poker rooms, and clubs and pubs that had electronic gambling machines were all forced to shut, this was a massive blow to the gambling and entertainment industry.

However, these land-based gambling shops were closed for a while, as a result of this, individuals around the globe moved to various online casinos, many virtual casinos did well because they soared in new members. Some people are itching to get back into physical casinos, but some punters have gotten comfortable playing at online casinos as they offer unique membership perks that they wouldn’t receive in a physical casino. for example, at thebestcasinos.co.uk, they give new and existing customers fantastic promotional offers and bonuses, they’re rewarded free spins, deposit bonuses, cash-out bonuses, enhanced odds and more, and online casinos just like these give these promotions out frequently.

The world also saw TV programs being cancelled and delayed, as many production studios were forced to close, the number of series and that had to be push back from their original release date is mind-blowing. It’s a fact that there were 493 tv series and programmes delayed, those number of shows have been rescheduled for production for the new release of 2021-2022. 

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As well as tv shows being delayed, movie lovers saw fewer film releases, the number of films released in 2020 decreased as studios pushed back release dates to 2021. According to the data, there were just 338 theatrically released films in 2020, down 66 percent from 987 films in 2019. Furthermore, the number of films set to begin production in 2020 is expected to drop by 45 percent, to 447.