The impact of coronavirus on the TV industry
The devastating impact of coronavirus is being felt globally; the uncertainty of the situation has led to many industries having to change the way they operate and adapt to the ‘new normal’. With lockdown beginning to ease around the world, what is the impact of coronavirus on the Digital TV industry?
Lockdown has meant we have been spending the majority of time at home to keep safe. This has meant that the production of TV series and films has been shut down or delayed to ensure the safety of all the staff. It is expected that the coronavirus pandemic has delayed at least 60% of scripted television programming worldwide, including at least half of the programming initially scheduled to air in the second half of 2020.
Although the impact of coronavirus has had detrimental effects on some industries, other industries are thriving in these uncertain times. One industry that has reaped the benefits lockdown is streaming services, which is no surprise! Streaming services including Netflix, Hulu, Amazon Prime and Disney+ are predicted to have had a 60% increase of streaming during the pandemic.
Coronavirus has impacted the semiconductors supply and demand; this has resulted in the worldwide semiconductor revenue to decline by 0.9% in 2020, which is a decrease from the previous quarter’s forecast of 12.5% growth. However, it is expected that semiconductor memory revenue will account for 30% of the worldwide semiconductor market in 2020, which could help prevent a steep decline overall.
Many popular events within the digital TV industry have been cancelled or postponed due to the growing concern of coronavirus and people’s safety. Popular events including MWC, NAB Show, IBC, Anga have been postponed until next year. Cancellation of tradeshows will have a significant effect on a lot of businesses who use these events as a way of networking and promoting their business to a global audience. Now many people are looking for new ways to market their business to fill the void of no tradeshows.
Coronavirus is continuing to change our lives, and it is very uncertain about when and how things will return to normality pre-Covid or if they ever will. However, with lockdown beginning to ease this is a positive sign of us adapting to the new norm. Stay safe everyone and hopefully we will see you all soon virtually!
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