Updated: May 5
It has been a very difficult year and a half for the film industry globally, with many productions closed down and movie theatres sitting idle. We take a look at what awaits Hollywood on the other side of the global pandemic, and the rise in the online streaming trend.
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An industry in lockdown
The COVID-19 pandemic has had a substantial impact on the film industry in 2020, and more broadly across the arts and entertainment sectors.
With the majority of movie theatres shuttered and festivals cancelled or postponed. Film releases have been delayed and the box office has suffered its worst period in modern history.
With the masses now eager to get out of their homes and return to some semblance of normality, what awaits the film industry in 2021 and into 2022 and beyond?
Recent ticket sales have been anything but spectacular with some theatres operating at around 25% of capacity. Releases including Raya and the Last Dragon having taken only 8.6 million at the box office. Many productions have been put on hold and a number of releases postponed.
Online streaming services have however benefitted from the doom and gloom surrounding the theatre industry.
The trend in online streaming has increased substantially and offers numerous opportunities for innovative business start-ups.
Looking ahead to 2022 and beyond
Early indications are that it will be a slower recovery from the pandemic, even with the vaccine rollout it will take time for people to feel comfortable in larger social settings.
That said, the growth of online streaming has been impressive, with the global streaming market size valued at some 50.11 billion dollars in 2020.
Further innovations in the areas of artificial intelligence and the developments in computerized editing could further compound this growth.
In broad terms online streaming services have recorded an impressive 10% increase in viewership during the pandemic.
Megatrend 2028 and online streaming!
A return to movie theatres and the resumption of a sociable world will doubtlessly bring about more changes. That said the online digital trend seems set to continue, with a further surge in digital devices fuelling the growth.
Further platform insights suggest that the rise in smartphone and tablet devices, increased disposable incomes, and higher living standards generally, continue to drive growth.
In its recent market report overview Grand View Research indicated that this is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028!
The pandemic has brought with it many challenges across most centres of economic activity, with the movie industry being particularly hard hit. That said, the market for online streaming services seems unstoppable, and offers excellent revenue prospects for those wishing to venture there. The landscape of the film industry globally may never be the same again, but opportunity is there for those who look for it.
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