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Entertainment industry to suffer billion dollar losses from COVID-19

Advertising and theater will be the most affected areas.

The consequences of the pandemic due to the COVID-19 virus will be reflected in many aspects of life. As for the economy in the global entertainment industry, losses over the next five years could be at least $160 billion in growth, according to data shared by research firm Ampere Analysis.

The report, which was published on May 21st, projects that the advertising sector will suffer the greatest gross loss ($40 billion in 2021 alone), while theatrical areas will be the most affected in terms of revenue relative to their size ($22.4 billion in the same year). On the contrary, live broadcasts will grow by approximately 12% in the next five years.

Although the industry is in constant reinvention and many sectors have adapted to digital formats, the general consequences of the virus continue to affect the economy. ‘While the greatest impact will be felt in 2020 and throughout 2021, growth will slow down each year during the five-year forecast period’ said the report, according to the data which was published in The Hollywood Reporter

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