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The Impact of COVID-19 on the Entertainment Industry

There isn’t an industry, business, or individual that hasn’t been impacted by COVID-19. No exception, the entertainment industry has suffered huge losses, financial and otherwise.

Every aspect of the entertainment industry has been affected, reaching across everyone involved in film, television, live theater, music, theme parks, sports, and other events. While we look forward to the return of the entertainment industry, albeit likely in a new form, no one knows for sure yet when that will happen, or what form it will eventually take.

ENTERTAINMENT BEFORE THE PANDEMIC

Live concerts are canceled due to COVID-19

In 2019, Hollywood set a new worldwide box office record with more than $42 billion in ticket sales.

The dominos began to fall in February, when China was forced to shut down all of its theaters due to the spread of COVID-19, incurring aloss of a few hundred million dollars from lost ticket sales. Before the COVID-19 outbreak, China, then ranked #2 inthe world’s movie market, had been on target to surpass the U.S. as the biggest box office source of revenue in the worldwithin just a few years.

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