May 27. 2020

Hollywood

The Hollywood Reporter recently published an article entitled, "Hollywood Giants Plan More Cost-Cutting, Braces For Pandemic Recession" stating the already struggling U.S. entertainment industry is "facing more" layoffs in Los Angeles and New York, in the face of the coronavirus outbreak (Covid-19).

The film, TV and music industry in America is facing massive losses, worsening the problems that already existed prior to the coronavirus, due to piracy and audiences decreasing spending on entertainment industry products. The industry kept increasing the price of items, such as movie tickets, among others, in an attempt to offset revenue declines, which drove audiences even further away.

The coronavirus has shutdown movie theaters and cancelled concerts in America, two mainstays of the entertainment industry regarding revenues. Over the past 2-months billions of dollars have been lost and counting. Television shows were placed on hiatus at the beginning of the U.S. lockdown in March and have not resumed filming.

A recent survey indicated 69% of Americans do not feel comfortable returning to movie theatres due to the coronavirus outbreak and would prefer receiving entertainment at home. The same premise applies for concerts. A second wave of the virus is also on the way. The entertainment industry, which is not an essential business, is facing a very serious problem regarding lives, businesses and revenues.

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