How Long Will It Take For The Entertainment Industry To Rebound?
With the Covid-19 Pandemic in full force, and all entertainment facilities closed, the industry is taking a big hit right now. Blockbuster films, sporting events, concerts, theatre productions and anything else that relies on large gatherings have been cancelled for the foreseeable future. Several questions are raised by the virus, but the one on everyone’s mind is this, when will it end, and unfortunately at this time nobody knows. The next question, for the entertainment industry anyway, is when it does end, how long will it take for things to rebound?
Right now, everything is being held back for when crowds are allowed to gather once more. Movies that would have come out by now, or would be coming out in a couple of weeks, have been rescheduled for later on this year, or next. Concerts have been indefinitely cancelled, but once they are given the all clear they will be rescheduled as well. As for sports, they might lose the season, but they will be back next year if all goes well. Of course, even if they are rescheduled, how long will it take for people to feel safe enough to return?
That question is the biggest unknown of all. The pandemic has taught people how to be more comfortable at home, and doing things they would normally go out to do, in the comfort of their own home. It may take months, if not years, for people to feel safe enough being in close contact with others. Especially strangers they don’t know. Of course, there is also the possibility that after an extended isolation people will be looking to head out in record numbers to celebrate by doing things they’ve missed. At this point, it’s really unknown. Early predictions however are saying that within a year everything will be back to normal. Even then however, according to a survey by Performance Research, 44% of the people said they would attend less public events after they are given the all clear. 47% even said they would be scared of large events for a long time. These numbers are grim for businesses like theatres, that were already struggling before the pandemic hit, and most likely would not be able to survive in the new climate.
If things are back to normal within a year, and people do start going out once again, how many businesses will still be around for them to enjoy? In the end we really won’t know the final outcome of the effect the virus has had on the entertainment industry until it is all over.