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The State of the Film Industry

It seems that no matter what challenges face the industry, it always seems to bounce back.
State of the Film Industry

How movie piracy helps and hurts the film industry.

Cinema is a cornerstone of the human experience, there is no doubt. It represents our love for storytelling and flair. The act of watching films is a deeply meaningful and enriching process that arguably is conducive to having a great quality of life. Cinema will likely be a part of human history forever, but that does not mean it will continue to grow exponentially. The film industry has seen its fair share of obstacles over the years, most recently that has materialised in the form of the recent pandemic. In the face of this though, the industry has managed to survive and even thrive. But is the industry as big as it once was?

It seems that no matter what challenges face the industry, it always seems to bounce back.

Last year, Hollywood and many other film industries across the world were forced to stop production. This was completely unprecedented – even during WWII, films were still being made. The effect of this was of course, massive. An online report by Omdia reported that the global cinema industry lost around $32 million in 2020, which of course, affected the economy, especially in places such as Los Angeles. Despite this loss, the film industry, as it always has done, adapted to survive. Restrictions meant that the animation sector of films had a noticeable upturn as these were films that could be worked on remotely. This, in turn, created more opportunities for aspiring animators to break into the industry.

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It seems that no matter what challenges face the industry, it always seems to bounce back. And why wouldn’t it? Films mean so much to so many of us, and they have proven to be a beloved form of entertainment that the whole world can enjoy. Now that studios have once again reopened, films are beginning to be worked on again, and the box office will soon be inundated with a host of new releases. The idea is that everyone who has missed the cinema greatly will go to their local cinema and watch all the latest releases, but therein lies another problem. The lockdowns saw many adopt the use of streaming services like Netflix to watch their films, revealing to many the value the service offers. Even some studios, such as Warner Bros, have started to build on the trend and release blockbusters on streaming services like HBO Max. This represents a clear problem for the film industry.

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Despite this, many of the cinema faithful will still choose to go to their cinemas to enjoy their films. Recent releases such as Fast & Furious 9 and Black Widow have shown that people still want to get out and enjoy films and is promising of the industry’s future emerging from the COVID landscape. It is estimated that the industry will grow from around $290 billion in 2020 to approximately $392 billion in 2025. This is promising for cinema and mirrors the kind of growth other industries like gambling are seeing. Those who want to take a break from watching films can enjoy gambling online at casinos just like these at Casino Genie, but cinema lovers can ultimately rest safe in the knowledge that the industry is here to stay.