Reports COVID-19

Recovery Economics Post-Lockdown Innovation

Report by Mark Mulligan, Tim Mulligan, Karol Severin, Alistair Taylor and Keith Jopling
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The 20,000 Foot View:        social distancing measures caused unprecedented dislocation to the entertainment economy. With a recession now a question of ‘how bad’ rather than ‘if’, entertainment companies have to adapt their businesses and identify new partners to maximise opportunities in the post-lockdown era. This requires a detailed understanding of how the underlying user-need states of their customers changed during lockdown, how these changes will in turn evolve, and how they can meet this new demand. This report is the first of MIDiA’s Recovery Economics research in which we explain how entertainment businesses can navigate the choppy waters ahead.

Key insights:

  • There are three key post-lockdown scenarios: Bounce back; bounce back; short-term recession; long-term recession – all will be defined by the emergence of a new normal 
  • Lockdown created new need states, voided some new states and reduced others
  • Lockdown revealed the vulnerability of entertainment’s boredom dependency – audiences consuming ‘good enough’ convenient, lean back content
  • Home-based working will mean less commuting, less boredom, less lean-back consumption – engagement will trump passive consumption
  •        of consumers are nervous about reengaging in leisure activities, more than are interested in restarting any individual entertainment activity 
  • MIDiA’s ' confidence coefficient' rates the post-lockdown outlook for entertainment across need state, supply chain, consumer confidence and monetisation
  • Wellness / health, live streamed events, audio books and kids content score highest, physical music sales, live music and live sports the lowest
  • The four principles of Recovery Economics are: meet new need states, adapt to lifestyle changes, maximise consumer confidence, adjust for recession
  • Entertainment companies should thus aim to bounce forward not back, building new propositions and business models for the new normal

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