Coronavirus Leaves News and Entertainment Industry Reeling

The website audience watching the news, series, and movies are sky-high, but with no new shows, the future looks fraught. From newspapers facing the fear of closing to the tv channels running out of shows to stream, the entertainment industry is facing a financial storm that will affect the future. Media insiders and analysts, such as today's entertainment news headlines in English, warn the epidemic will have a long-lasting impact on the country. There is an expectation in the changes in customer behavior as it will take weeks or months for people to get back entirely to their regular habits, the lockdown uplifts.
Coronavirus Leaves News and Entertainment Industry Reeling

Channels are running out of shows, but TV audiences are up.

As the celebrities are stuck at home, shoots stopped, and movie release postponed, audiences have shifted to web series. One unimaginable effect of the outbreak is that there has been an enormous increase in the number of teenage viewers. The commercial industry is also in huge trouble as the companies cut their marketing budget resulting in fewer advertisements on TV. According to today's entertainment news headlines in English, the TV advertising industry is incurring 40% amid the lockdown. The media market work is on demand and supply. It is a perfect storm where the supply is gone up, and demand is down.

The shooting of the shows is standstill, and there will be no new shows to broadcast to the audiences when the lockdown ends. They can forecast the recession will be likely to hit the industry as the demand will be higher than, and supply will be down after the lockdown unveil. The fears are spreading in the entertainment industry, and the soap operas are cutting down the number of episodes to avoid running out of pre-filmed material.

Advertisers Flee - Newspapers are facing the threat of closure.

There is an existential threat in the advertising industry, the national union of Journalists warning many newspapers will close permanently as the result of the coronavirus outbreak. Thousands of journalists will lose their jobs if the newspapers close after the lockdown, although the newspaper websites are recording high readership that will only generate little income. The newspapers earn from advertising, and now the businesses are not running well, so the owners have cut down the advertising cost. Some of them slashed their marketing budgets while others blocked their promotions from appearing amidst coronavirus.

As people got used to lockdown, news audiences started to decline. The print sales have cross-subsidized by free sites. Besides, national newspaper services are down by a hefty percentage. Since the start of the pandemic, print sales revenue has down by almost 80%. Even before the crisis went worse, people were relying more on local news instead of national news. Almost every newspaper, advertising, and entertainment industry has furloughed some staff in an attempt to weather the coronavirus storm.

Gaming and streaming look to fill the gap.

The biggest winner among the online platforms is Netflix. The company is now worth way more than the oil multinational with its roaring prices. However, there are some issues that the platform is facing, with producing of trending shows on halt due to the pandemic. Besides, youtube has enormous users, but they are suffering losses in ad revenues, which is also affecting the profits of Google and Facebook.

With numerous people canceling or pausing the subscription, BT Sport and Sky have been badly affected by the absence of the sport. Many online users have turned into gaming due to which popular consoles are out of stock at the stores.

Cinema releases have been upended.

By the Coronavirus outbreak, the global film release rescheduled with cinemas closed for the and films stacking up for getting released. Based on some figures from 2019, the film industry is likely to lose millions. As per today's entertainment news headlines in English, when the lockdown will be uplifted, the viewers might take a while before they rush back to cinema halls and indulge in their regular routine. Therefore some films are opting to announce the release date after the lockdown uplifts or the situation is under control.

These were some latest updates about the storm that hit us and how it is impacting the news and entertainment industry. Apart from this industry, almost every sector in the world has been severely affected by it.

Author’s Bio:

Vaibhav Sharma is a digital marketing expert by day and writer by night. He is a project manager at True Scoop News who specializes in blogging, article and copywriting. He loves to write technology related articles, entertainment blogs, the latest national news in English and Punjabi and tutorials as long as there is a bit of information technology.