Details About Global Film Industry
The outbreak of coronavirus has ruined the whole world. Lots of people have also lost their lives. The pandemic has paused every sector of life. If proper steps are not taken in time, the situation may become worse. Many people have become jobless. It is found that most of the sectors are in the way of cost-cutting. Not a single sector is out of it.
Similarly, the film industry has also received a great threat. Most of the people are hesitating to visit the cinema halls. This is very natural and obvious. We never know how the virus will attack us. It seems that the threat of coronavirus has upended the film industry globally. The condition is the same in every film industry.
It is seen from various places that even before the emergence of Streaming Video on Demand or SVOD the film industry was experiencing a loss. Most of the films were being released on these types of platforms. Movies are a great place and mode of relaxation. It can provide good relief from any type of tension.
It is also known from several sources that Hollywood supports about 2 million jobs to the Americans. A good number of people are engaged in this industry. Most of the countries are associated with this industry. But the scenario should change and, we should follow the normal process. We should accept the new normal.
However, production has started in some countries but many other countries are still under the threat and fear of this deadly virus. What can be the best way to deal with this issue? One must follow all the guidelines that are advised by the health ministry of the country. This virus has created a lot of uncertainties among people.
Tentative transformation of the film industry:
As already stated even before the commencement of the COVID 19 pandemic threat, a transformation was noticed in the global film industry. The transformation was noticed in respect of the production, distribution, and consumption of the whole process. The first thing that was noticed was the change in attendance. The attendance of the viewers declined to a considerable extent. This was a major concern before the people.
In countries like North America, the tickets that were sold within a short time decreased largely. If we look at India, the scenario was also severe. The production powerhouse per capita in cinema hall admissions fell to about 32%. This is lowering day by day during this pandemic situation. It seems that the worse is waiting for us. Most of the operators are investing in theatres and similar other platforms. The rate of risk is comparatively lower than in cinemas. The theatre is also improving its audio-visual technology by making the seats comfortable for the viewers. This is allowing more and more visitors to come and visit the places. Most of them are introducing consumer-friendly subscriptions.
The country is mainly suffering from a shortage of screens. It has been analyzed that the problem in India is about the constraints on the supply side of the new cinemas. One can find a lot of multiplex and cinema halls.
Effects on the venue operators:
Apart from all this, it is also found that the shrinking theatrical window has thrown challenges on the venue operators. Since the last two months, the theatrical windows have narrowed down largely. These types of changes mainly reflect the consumer preferences for consumption of the contents. It is a serious issue. Most of the SVoD platforms are owned and invested by the movie studios.
However, the well-funded and powerful SVoD with good budgets are transforming the power balance. Take for example platforms like Amazon, Netflix is acquiring movies outside the big studios. They are releasing the same directly to the consumers or the viewers. This is a big step and initiative at the same time. This is also affecting the choice of viewers. They mainly prefer to watch movies on various OTT platforms rather than rushing to cinema halls and watch movies. This has reduced the hazards to a good extent.
A short glimpse of the biggest shift of the film industry:
It can be rightly said in this context that the threat that has been received by the film industry globally is an unexpected one. No one ever expected this kind of threat. What are the main transformations that have been noticed? Well, it can be said that the first thing is the transformation of the business model moving from the third party and the total single ticket sale towards owned distribution and recurring revenue. Most of the investments are made on the SVoD platforms that can help in better production and profit.
This has also bought significant changes in the media industries. The movie theatres are trying to cope up with the situation. They are no longer optimizing releases on fixed schedules or primers.
Day by day, the situation is turning out more seriously. Millions of jobless people are getting no way to lead their lives. The threat of COVID 19 appears to be a nightmare. Everyone is waiting eagerly for the day when this disease will vanish from the earth. Till then, the situation is becoming worse. A good percentage of people in the film industry are daily earners. But because of the sudden pause of work. they are deprived of remuneration.
Their condition is becoming worse day by day. This has also forced many workers to end their life. Lots of people are suffering from mental depressions and disorders. This has to be stopped. As everything has an end it should also come to an end. People cannot sit and watch for the end. They should come and handle the situation. Everyone should make a fresh start. They should start with small things. It is expected that with these small things and initiatives the situation can recover slowly.
It has been known that Disney is playing a very crucial role in franchise growth. People are coming and taking initiatives to uplift this industry. Although movie financing has turned out to be a risky matter people or big companies are ready to take the risks. They will soon overcome the situation. Financial risk is found in respect of health security and insurance costs. However, independent studios may find it harder to take these types of risks. It can only be taken by big business houses.
Will the cinema industry change forever?
This is a common question that may arise in the mind of people all across the globe. The spread of coronavirus is being compared with a battle. With 25 million jobless people, the world is getting weak day by day. No one knows where the end is. A recent survey has shown the fact that 1, 20,000 workers have been laid off from work particularly from the film industry.
With this, it can be easily assumed about the current situation. It has also been predicted that soon the situation will become severe. The layoff may increase to 15-20%. As we all know that social distancing and self-isolation is the new form of treating this disease so will it be possible to treat or handle the disease through these steps? All of these are simple precautions. There is no such special remedy for healing the problem.
In January 2020, when coronavirus started at Wuhan, the cinema halls in other countries of the world started shattering. This is simply devastating. Everyone is in fear of opening the cinema halls. It is also presumed that soon after the opening of the cinema halls, the situation may become severe. The rate of affected persons may increase to a great extent.
In India, the long-time lockdown has gripped the whole entertainment industry. Most of the film producers and Directors are passing through an anxiety phase. Most of the releases have been postponed but, how long. No one has the answer to this question. It may continue for a long time. The only remedy to this problem is the vaccine.
But vaccines take a long time. No one can wait until that time. The festive period is slowly emerging. Earlier it was found that the festive season was an auspicious period for film releases. What will happen this year? Nothing! Not a single film will be released, and if released the result will be highly disheartening.
The only way of dealing with this problem is to hold our patience and wait for a good time. Apart from all this, people should start with small programmers. They should start with the new work. Rather they should try to adjust themselves to the new normal. Apparently, it may appear to be tough but will soon adjust to it. Everything has a positive and negative side. Let us try to learn some positive points from Covid-19. It will surely yield good results.