2020 in review Lockdown legacy impacts on entertainment
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Digital connections have filled the void left by real-world activities, globalising culture and experience. Yet this comes at the cost of deepening divides in trust and perspective. Changing economic circumstances have brought about a demographic dichotomy of age and income. Cohorts of higher security and spending power have become of more financial importance to commercial and entertainment propositions, while younger consumers of less financial security and power still hold the most cultural value in the attention economy.
The early signs of recession have already begun to harshen these trends. However, adversity begets innovation. Just as in 2008, following global financial recession (WhatsApp, Spotify), new commercial and consumer innovations look like they will emerge from the pandemic year (live music streaming, UGC, streaming-first films). Much change was already incubating but has now been given the chance to break out. From monetising fandom to generating new creator income streams, new solutions are emerging as old habits evolve to fit the new normal, making a return to the old normal impossible. The pandemic has already had lasting impacts on society and culture.
Companies and brands mentioned in this report: Amazon Prime, Amazon Prime Video, AppleTV+, Disney+, Donald Trump, Dune, Fox News, Game of Thrones, HBO Max, Home Depot, Houseparty, James Bond, Lord of the Rings, Netflix, Resolution Foundation, Star Wars, The Economist, TikTok, Twitter, Unilever, Warner Bros., Zoom