The Coronavirus’ Effect on the Entertainment, Movie, Publishing & Media Industry

The Coronavirus pandemic of 2020 had a devastating effect on parts of the entertainment and media industry—specifically those that require in-person attendance. At the same time, it caused remote, streaming viewing of entertainment and content of all types to soar.

Movie theaters around the world went dark for months on end, with the exception of drive-in theaters, which saw a marked upswing as films, church services and even weddings were projected onto big screens (in parking lots as well as at existing drive-ins). Many theaters are facing massive financial losses, bankruptcy or permanent closure. AMC Entertainment, Inc. announced in a 2020 regulatory filing that it may run out of cash by year end or early 2021. Cineworld, which owns the Regal chain, temporarily closed all its theaters in the U.K. and the U.S. in October 2020, furloughing 45,000 employees. Cinemex Holdings USA filed for bankruptcy in April 2020. The Directors Guild of America and the Motion Picture Association projected, if the Coronavirus crisis does not improve, that 69% of small and mid-sized movie theater companies will be forced into bankruptcy or permanently close, and 66% of theater jobs would be lost. Live entertainment, from theaters on famous Broadway in New York City to specialty shows produced by groups like Cirque de Soleil (which took bankruptcy in June 2020 but has growth plans for 2021 and beyond), have likewise been devastated.

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The Coronavirus’ Effect on the Entertainment, Movie, Publishing & Media Industry, Business and Industry Trends Analysis

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