Circumstances are forcing companies, producers, and performers to find innovative solutions to problems posed by the pandemic
Lockdowns and social distancing measures have forced people to reconsider not just how they work, but also how they spend their leisure time. Currently, most cinemas and live performance venues worldwide remain closed or have limited seating, affecting many companies’ bottom lines. Cineworld recently announced its temporary closure across all markets in the US and UK, and AMC Entertainment is facing growing financial woes.
With continuing restrictions, consumers have increasingly turned to streaming services; accelerating a trend from before the pandemic. Streaming services globally have seen increases in usage during the pandemic, according to MarketWatch. Netflix alone added 15.77 million paid subscribers globally in the first quarter of 2020, and Disney+ reached 50 million subscribers within the first five months of its US launch.
Many production companies have released films straight to streaming services during the pandemic in an attempt to recoup production costs and increase revenue. Trolls World Tour broke streaming records as one of the first pandemic-necessitated streaming releases. The success of this film and others released during the pandemic has the potential to change how the film industry releases projects in the future, particularly if social distancing measures remain the norm.
As workplace restrictions ease, filming locations are beginning to resume shooting. Some film studios, like Tyler Perry Studios in Atlanta, created a Covid-secure bubble which enabled cast and crew to film with minimal interference.
Other productions like EastEnders in the UK have used cast-members’ partners as body doubles to film love scenes. A perceived lack of content from studios and from consumers has led the push for producers to create innovative solutions to be able to resume filming.
The music industry
In many instances, music production has continued unimpeded. Even before the pandemic, it was possible for artists to record and produce music at home using relatively inexpensive specialised equipment.
The shift to streaming has also drastically altered revenue streams for musicians. In the past, sales of albums and other royalties made up a large proportion of artists’ incomes, and now, touring provides the largest share of income to most musicians. In 2019, the Rolling Stones earned $60.5 million (93% of their total income) from touring compared to just $2 million (3%) from streaming, according to Billboard’s annual Money Makers list.
While production has continued, performances have been greatly hampered by current restrictions on gatherings, which has had a knock-on impact on live venues. Socially distanced music festivals and live-streamed performances are being trialled and could provide a financial lifeline to some venues, though they are still a long way off from being in widespread use.
The adaptability of the media industry ensures that the show will go on, even as circumstances continue to change.
Read the articles within Report: Media Cities below.