As we all know, we have to live now in the post-COVID-19 era. Therefore, people are compelled to abide by different restrictions like social distancing, self-isolation, living in bio-secure bubbles, etc.
However, one thing is for sure that whatever happens does happen for good. The same goes for the entertainment world as well. This is because the COVID-19 crisis has turned out to be a blessing in disguise for the entertainment industry overall.
People have options galore when it comes to entertainment because they can turn to various streaming services like Netflix, Peacock, Hulu, Disney Plus, Prime Video, BBC iPlayer, and many more as and when needed.
In short, the coronavirus virus has transformed the future landscape of entertainment a great deal throughout the world.
The entertainment industry has become digital largely
This is one of the highlights of the coronavirus crisis because media conglomerates like NBC, Disney, AMC, etc. have launched their own streaming services to make the most of the pandemic situation.
It means the entertainment industry has no other option than to adapt to the modern streaming demands of viewers. Due to that particular reason, people have subscribed to Peacock, Disney Plus, AMC Plus, Quibi, in huge numbers during the last year or so.
Online streaming is a new normal
Thanks to the COVID-19 pandemic, traditional viewing methods have become obsolete to say the least. As a result, online streaming has become a new normal in recent times.
This is one of the major reasons different video-on-demand streaming platforms have added numerous attractive features in their armouries. These features are offline viewing, simultaneous streams, compatibility with different operating systems and devices, watch parties, etc.
Content is the top-most priority amidst the pandemic
There is no denying that content will be the major source of success for numerous online streaming services in the future. If the streaming services have to grab the attention of their potential customers, they will have to improve their focus content-wise.
It means they will need to look for other decisive ways that help them produce top-notch original shows, movies, and documentaries. This way, they can keep their existing viewers or subscribers entertained.
To cut the long story short, companies will have to spend a handsome amount of money to make their media content attractive and unique for their subscribers.
Otherwise, they will face issues while retaining their existing subscribers or target audiences in the coming years.
For example, new entrants in the entertainment industry will have to follow the footsteps of leading streaming services like Hulu, Netflix, HBO Max, etc. as they are famous for producing high-quality original shows or movies for their viewers on a regular basis.
Moreover, they produce media content based on a variety of genres like action, comedy, romance, thriller, drama, anime, science-fiction, history, etc.
Live streaming is another great advantage for online streaming services
Different streaming platforms like Kayo Sports, BBC iPlayer, SBS On Demand, Hotstar, etc. have begun offering live streaming features to their users. Consequently, they can watch various sporting events such as Tokyo Olympics, Wimbledon, US Open, IPL, EPL, and others live on their screens as per their preferences.
During the coronavirus pandemic, people have taken advantage of this impressive feature to a certain extent as they are not allowed to go to venues in person where these events take place.
Overall, live streaming is a must due to the coronavirus outbreak because it allows viewers to catch all the live-action alongside their loved ones appropriately.
Hence, it would not be wrong to say that the pandemic has positively influenced the dynamics of the entertainment world.
The decline of cable TV has started
Unfortunately, cable TV is no longer a prime source of entertainment for viewers. For instance, media companies in the US are expecting that the current subscription base of cable TV will continue to decline at an alarming rate in the next five years.
Surprisingly, 25 million US households will cancel their pay-TV subscription in the next five years. Therefore, we can expect that cable TV companies will have to deal with different issues like lack of growth in terms of revenue and expansion, unemployment, and others.
Unsurprisingly, the story does not end here as 25 million households in the US have already started using several online streaming services by cutting the cord of traditional cable TV providers since 2012.
Wrapping Things Up
There you have it folks. As far as the impacts of the coronavirus on entertainment are concerned, they have helped online streaming services largely.
However, cable TV providers that have traditional TV business models have suffered a lot due to the ongoing COVID-19 crisis overall. That said, there is always room for improvement left so both cable TV providers and online streaming platforms need to enhance their performance amidst the prevailing pandemic situation.
Lastly, the future of entertainment looks promising as more and more streaming services are joining the ongoing streaming wars in their own capacity.