Page 6 - newsletter 14 aug

DIGITISATION RESHAPING

ENTERTAINMENT

S h r i y a M e h r a , X I I D

One of the most affected industries due to Covid-
19 is Media and Entertainment. With lockdown and
social distancing norms in play, the industry
which also includes large scale events,

productions, conferences and audience connect,
is feeling most of the heat.
As per The Events and Experiential Management
Association (EEMA) survey 50% of the media

companies have lost 90% of their business since
March 2020. Over 63% of the companies have
suffered a revenue loss of up to Rs. 1 crore. This
is also seconded by Credit Rating Agency CRISIL.

In its report CRISIL has outlined that Indian M&E
sector in the current financial year is expected to
decline by 16%.
Not only events and large entertainment

extravaganza even the advertisement revenues are
under extreme pressure. The advertisement
Netflix reached a whopping 15.8 revenue which accounted for 45% revenue pre-
million paid subscribers in the first COVID, has already registered a sharp 18%

three months of 2020 amid the decline.
coronavirus pandemic which has While on one hand the production work, events
forced people to stay at home. The and advertising campaigns are stalled, the

California-based company had consumption of content through digital and OTT
expected 7.2 million subscribers but means have increased significantly. The audience

witnessed a more than double rise in is home-bound, the internet connectivity has
paid subscribers. penetrated deep and this has resulted in
subscriber base for OTT increasing to record

levels.

W i t h t h e
p o s t p o n e m e n t o f
I n d i a n P r e m i e r
L e a g u e , o n e o f t h e
c o s t l i e s t l e a g u e s i n
t h e w o r l d , O l y m p i c s
a n d w i t h q u e s t i o n
m a r k s o n s e v e r a l o t h e r
s p o r t s a n d
e n t e r t a i n m e n t e v e n t s ,
t h e s e c t o r i s r e e l i n g
u n d e r a c u t e s t r e s s .