The coronavirus’s onset has caused a lot of disruptions to lives and all activities – the film industry is not exempted. The coronavirus has a significant impact on the film industry, which can only be fixed hopefully after the scourge of the COVID-19 has passed away.
The film industry was transforming before the onset of the coronavirus – its onset only accelerated the process. Before its onset, the film industry was undergoing a change or revolution regarding movie production, distribution, and consumption.
During the pandemic’s peak, movie theaters worldwide were shut down to prevent the coronavirus’s spread in the enclosed movie theaters and compliance with the lockdown orders. However, people needed to get entertained for psychological relief of the adverse effects of the COVID-19 on people. As a result, below is the impact of the coronavirus on the film industry.
Due to movie theaters’ unavoidable shutdown, the populace resorted to online movie streaming sites to watch movies and get entertained. Netflix, a video streaming giant, recorded about 16 million new subscribers in the first quarter of the year. Disney also was as to increase the number of paid subscribers to 50 million during the lockdown. Roku streaming site also recorded a surge in subscribers from 40 million to over 120 million subscribers.
With the coronavirus in town, many studios have postponed the release of their tentpole films. Many blockbusters have yet to be released as people are afraid of going to theaters due to the fear of contracting the coronavirus. “Wonder Woman 1984” initially scheduled to be premiered in October, was postponed to Christmas Day, while Disney’s Black Widow and the latest film by Bond, “No Time to Die” have been postponed to 2021. Many other films scheduled to be released this year have been shifted to 2021 – another impact of the coronavirus.
The reopening of theaters is not happening any time soon. As a result, movie distribution and consumption undergo a hybrid process as distribution goes through streaming and paid video-on-demand (VOD) to generate income during the COVID-19 pandemic. This paradigm shift started in May 2020, the second month that a coronavirus hit the US. Trolls World Tour by Universal Studio used the medium and earned about $100 million in digital rentals within three weeks.
Takeaway
The impact of the coronavirus will linger as new milestones have been reached in the film industry. The new life brought about by coronavirus will continue to be evident even after coronavirus is over. Watch TV serials, original shows online at https://kinotochka.co/series/
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