The global entertainment industry will 'lose $160 billion of growth' over the next five years due to the coronavirus pandemic, Ampere Analysis estimates. More details:
The global entertainment sector is set to "lose $160 billion of growth" as a result of the novel coronavirus pandemic over the next five years, research firm Ampere Analysis estimated in a report on Thursday.
Meanwhile, streaming will be "the big winner," Ampere concluded. Its latest forecasts suggest streaming will gain 12 percent of additional growth in revenue terms over the five year period. Lockdowns around the world have led to "a huge surge in streaming consumption and new subscriptions, benefiting subscription video-on demand, broadcaster video on-demand and other catch-up services," the firm said.
"Advertising is hit hardest both near term and overall, but drilling down into entertainment sectors shows that areas like theatrical are hit proportionally harder," explained Guy Bisson, research director as Ampere Analysis. "The interconnected nature of the entertainment value chain means that will have a number of effects in other areas of the value chain…some of which will not be fully felt for several years to come.
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