COVID-19 | Recessionary Impacts and Consumer Behaviour
Added on 23rd March, 2020 by Hanna Kahlert
The 20,000 Foot View: The spread of COVID-19, and the responses of industry and governments alike, is unprecedented. It is, however, the restrictions on movement of people along with the response of consumers and investors that is causing the biggest disruption and will have the most impact on entertainment businesses. In this report MIDiA explores the potential near- and mid-term impact of COVID-19 on entertainment businesses.
- Due to movement restrictions and working from home, the average working consumer has another 15% of their waking hours addressable by entertainment
- The shifts in consumer behaviour could be long lasting, creating permanent new consumption patterns and potentially acting as a catalyst for shifts from analogue to digital
- COVID-19’s impact on leisure and entertainment will follow four key phases: business as usual, leisure collapse, cocooning, and revival, with recurrence a high possibility
- COVID-19 is creating different entertainment responses not just across different countries, but among different segments of consumers within countries
- Coronavirus may actually benefit streaming business models, especially video
- If a recession comes then entertainment spend will be hit, but significantly less so than leisure
Companies and brands mentioned in this report: The Amazing Race, Amazon, Apple, Apple TV, Apple TV+, Boston Marathon, Bundesliga, CBS, Disney, Disney TV, English Premier League, Euro 2020, Eurphoria, Fortnite, Fox, Google, Handmaid’s Tale, International Olympic Committee, La Liga, Major League Baseball, Major League Soccer, Marshmello, The Masters, NBCUniversal, National Basketball Association, National Hockey League, Netflix, The Olympics, Peacock, Peaky Blinders, Rugby Union Six Nations, Serie A, Spotify, Star Wars, Stranger Things, Survivor, Television Group, Warner Bros.
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