'Everything that we've done pre-[COVID-19] will seem dated much more quickly than it would have in an ordinary time.' Jason Blum believes the most lasting impact may be in the nature of the content itself
Amid an unprecedented shutdown of movie theaters and entertainment production, major players are experimenting with new business models as digital platforms ascend and artists take up a DIY ethos:"You have to adapt."in a theater near his home south of London. Then the coronavirus crisis changed his plans, as it has for people around the globe in ways both dramatic and mundane.
Long before a public health crisis closed exhibitors' doors, the audience's retreat from the theater to home video had driven both anxiety and opportunity at entertainment companies. But COVID-19 represents a watershed moment in the business, one that is accelerating current trends in media consumption and forcing Hollywood to embrace its digital future.
"COVID-19 will expand the gaps between those lagging and leading in the transition to digital distributions and business models," says venture capitalist Matthew Ball, former head of strategy at Amazon Studios. "OTT video services will surge, while pay TV loses its most valuable content — sports — and sees an accelerated decline in subscriptions and ad revenue. Parks and movie theaters are ground to a halt, while gaming companies hit new highs in usage.
Widespread layoffs are expected in an industry that had expanded to meet the demands of the streaming content bubble, with agencies including Endeavor and Paradigm already cutting staff and with UTA slashing employee salaries.
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