Entertainment industry has changed a lot lately, as consumers are shifting from TV serials to web series and television service providers to online streaming providers. Netflix and Amazon prime are among such online streaming services which allow the subscribers to watch their favourite movies anytime anywhere including the original production which are exclusively available only on their own networks. This digital upgrade of technology is resulting in a gradual change of consumers’ lifestyle already.
The global pandemic Covid-19 has forced the world into a lockdown which has slowed down the economy as a result of many businesses put on halt. Some of the small businesses have suffered to an extent that they are permanently closed. However some well-established businesses have managed to survive so far. Traditional outdoor entertainment Industry is one of the few severely affected sectors. Movie theatres being a place of adjacent sitting arrangement have a threat of not being able to open for a really long time. Analyzing the situation many upcoming movies have postponed their releases whereas few have decided to skip the theatres and release on online streaming platforms. If the lockdown continues longer, then it’s possible that more production houses will prefer to release on online streaming networks over movie theatres. The lockdown has already forced movie theatres into huge losses and if movies started releasing on online streaming platforms, theatres will suffer the losses furthermore as maintaining a movie theatre is an expensive affair. Moreover, if the movies do release in theatres, chances are low for consumers to actually come to theatres to watch movies facing the risk of Covid-19.
This is the time for business owners to think creatively and transform their business practices to match the demand of the current situation. Movie theatre owners will have to figure out a way where there is least human contact and social distancing rules can be followed strictly while watching a movie. How about a drive-in movie theatre? Nobody will actually have to get down from their cars. It may not be as profitable as current lavish air conditioned movie theatres but it will help movie theatres to at least not go out of business. The supporting services can also function with proper hygiene maintenance such as selling popcorn in between the movies. Possibly there can be more creative ways to keep movie theatre in business.
However, there is a need to forecast consumer behavior and market conditions based on the current pandemic situation and plan the strategies accordingly. As the growth can be seen in use of digital media, it is more likely that consumers will prefer streaming networks more in the coming future. Online digital media has a lot of advantages over mainstream entertainment, one of which is online streaming is super flexible and viewers can choose from a wide range of options available. Besides this a big portion of the entertainment industry has already started going digital. Some of the Opera houses have started virtual Opera and some have arranged for streaming of their events. There are also some innovative sports ideas which are wholly based on online streaming platforms such as Marble Race by Jelle’s Marble Run streamed on their YouTube channel.
For the majority of businesses traditional methods of doing business are no longer profitable or even survivable. All those who fall under this category need to think creatively to catch up now and further stay ahead.