Challenges in the Entertainment Industry | Steven Gagnon Element Media Group
Every industry faces different trends, demands, and challenges. This goes for the entertainment industry as well — an industry that has been heavily impacted following the events of 2020.
They say that if an industry can’t adapt, it is doomed to fail. The entertainment industry has been struggling to adapt when people want more on-demand entertainment, more experiences to remember, and easier access.
One of the biggest struggles in the entertainment industry right now is the plight of the cinema industry. Many cinema franchises were struggling before the pandemic, so they were hit harder when forced to temporarily close down.
Now production studios have been forced to take a hard look at how/when blockbuster releases should be handled. At the same time, many will continue to plan for big theatre releases, just as many studios consider a hybrid release. That is to say, releasing both in theaters and for on-demand services simultaneously.
New Challenges with Streaming
Given the problem mentioned above, and the rising demand for streaming services, it seems obvious that companies would opt to invest in new platforms. However, streaming does come with a certain level of risk.
For one thing, the chance of piracy is much higher. It takes less work to steal from a digital platform than, say, filming a movie in a theatre. The unfortunate truth is that as more platforms rise up, the desire for piracy will likewise increase.
There are ways to get access to free content without piracy, such as sharing passwords and accounts. The industry is currently trying to find new ways to prevent piracy, password sharing, and other problems — all without turning away the fanbase they need to thrive.
Supply and Demand
During the pandemic, it became harder than ever for studios to maintain a balance with supply and demand. More people were stuck at home and thus consuming media at a rapid pace. Meanwhile, many (if not all) studios were actively shut down during the peaks of the pandemic for safety and health reasons.
With the distribution of vaccines, the latter problem is finally starting to level out. Studios are opening once again, with shows/movies finally beginning filming once again. Yet, the demand has grown over the past year as fans become more and more excited for any news about their favorite fandoms.
Article originally published on StevenGagnonElementMediaGroup.net