The media and entertainment industry transformation after COVID-19 pandemic - Melbourne Media Factory
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The media and entertainment industry transformation after COVID-19 pandemic

The media and entertainment industry has undergone a significant transformation in the wake of the COVID-19 pandemic. With people spending more time at home, the demand for at-home entertainment has surged, presenting new opportunities and challenges for the industry.

‘At-home-entertainment’ providers are capitalizing on this trend, engaging users more effectively, expanding their reach, and finding larger audiences. However, the financial implications of the pandemic are likely to persist for months or even years, affecting production houses, music labels, filmmakers, artists, and theater owners.

Television has seen increased viewership, but revenue streams have been less stable. News channels, in particular, have contributed to this growth. On the other hand, the over-the-top (OTT) platform industry has witnessed remarkable growth, with revenue generation increasing from 65 billion INR in FY16 to 218 billion INR in FY20. Print media, on the contrary, faced a decline from 333 billion INR in FY19 to 306 billion IN FY20. Television also saw an increase in revenue from 183 billion INR in FY16 to 262 billion INR in FY20. The advertising revenue compound annual growth rate (CAGR) for FY16-20 was 32% for OTT, 9% for TV, and 1% for print, as reported by letsgetlegal.

Despite the challenges posed by the pandemic, the digital OTT platforms have thrived, witnessing consistent growth in their business models. According to a KPMG report, the consumption of content on these platforms has surged, both in terms of the time people spend watching and the expansion of their user base. Major film productions are exploring digital releases on OTT platforms, as box office revenues are expected to shrink due to concerns about crowded theaters.

Despite the pandemic and lockdowns, music continues to be streamed and performed on various platforms, generating royalties for artists. In a time when income in many areas has decreased, royalty income can provide significant support to artists, provided they have registered their work appropriately.

In conclusion, the media and entertainment industry has adapted to the changing landscape brought about by the pandemic. While challenges remain, new opportunities are emerging, particularly in the digital realm, as people continue to seek engaging content from the comfort of their homes. The industry’s ability to pivot and innovate will be crucial in navigating the evolving landscape in the post-COVID era

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