Although entertainment – with the exception of live performances – is easily consumed away from public places, the production process of most content even those in social media production still often includes significant human contact and is therefore at risk from COVID-19. Our video marketing agency looks deeper at the issue examining the Corporate Video Production sector.
Not all media industries are equally affected, however, restrictions and guidelines concerning groups of people and home-based working have already started to hit the filming of TV shows and movies, with many projects put on hold. Meanwhile, staples of linear TV such as soap operas (many of which have older, therefore potentially at risk cast members), quiz shows, game shows and reality TV are all likely candidates to halt Social Media Video Production. In music, recording studios are closing down, creating a similar supply chain challenge. If the pandemic persists long enough to keep the population home-bound for months, both music and Corporate video production agencies are going to start running out of new content to deliver to their audiences. Games, however, are a very different story, with many games publishers able to continue the development of games with work-from-home workers. This is a distinct market advantage. Podcast creators and social talent are similarly well placed. In fact, independent content production as a whole is well positioned to overtake other competitors. Not at all like our video marketing agency.
Consumption of entertainment in venues (encompassing sports, cinema, music, theatre, clubs) is significantly more impacted in the short term by COVID-19. However, recovery should transpire in the mid-to long term. Sports events and their Social Media Video Production have been particularly hard hit and are one of the first sectors to respond, initially playing games behind closed doors and then stopping the leagues and events entirely. The consumption hole that sports have created, for both live and televised sports, is an opportunity for other forms of entertainment to fill. TV rights deals face the risk of re-evaluation if the shutdowns firmly continue. Live music is another high-profile victim, as testified to by the share price tribulations of Live Nation. Live streaming of concerts is still nascent and COVID-19 may have come a little too early for the sector to truly capitalise. Nevertheless, there is already a groundswell of activity that will grow – through promoters may find themselves cut out of this new value chain. Once the pandemic is over, however, live music will return to strength as the unique experience of being at live music cannot be fully replicated digitally.
Although the leisure industry may be facing a near-term Armageddon, entertainment is set for a boom. During the last recession, consumers enveloped, allocating more time in with entertainment at home rather than spending to go out. Even without considering extra time from potential unemployment and under-employment, the average working consumer has another 15% of their waking hours addressable by Social Media Video Production content by Corporate Video Production companies.
While there are plenty of evidence-based models to predict the likely impact of a global recession, modern-day evidence for the impact of a global pandemic is barely adequate and largely theoretical. The economic impact of the COVID-19 crisis on a Video Marketing Agency is unchartered territory. It is however likely that those companies who offer Social Media Video Production have the confidence and ability to invest in growing through and beyond the pandemic will be best placed once the crisis abates.
One of the unintended consequences of the COVID-19 crisis may be a creative renaissance. In the history of artistic output, adversity often results in the most powerful creativity. Creatives from scriptwriters, through songwriters to special effects designers, may find themselves inspired to craft some of the most poignant and impactful work they have ever created. We may be on the verge of the golden era of songwriting by established artists combining the raw emotion they felt in their youth with the learned creative professionalism that comes from being a professional artist or songwriter.
Indeed, the media industries as a whole not just a Video Marketing Agency may come out of the COVID-19 crisis with the most powerful creative ideas they have ever had. However, in no way does this suggest this is a good thing for the economic predicament of creators, nor does it diminish the duty of care that content companies have for their creative talent during this incredibly difficult period, The Global Pandemic. Many creators will face economic hardship unlike any other that they have experienced, and there is responsibility right across the value chain for helping struggling creators throughout the COVID-19 pandemic. Some may even find themselves forced out of creativity altogether.
However, Corporate Video Production platforms such as Netflix have thrived during this time, with 15.8 million accounts being added between January and March, smaller organisations in the industry have endured severe losses. Broadcasting companies are severely suffering from the lack of advertisement as companies have been restricting their marketing budgets in anticipation of the recession which is sure to follow COVID-19.
The closure of clubs, bars and restaurants has now made the potential income of musicians and comedians decrease dramatically. This has led to mass rescheduling with a very large amount of events and shows etcetera, but this doesn’t necessarily solve the problem as many will feel unsafe attending mass gatherings once the virus has passed. Furthermore, in the current period of lockdown venues have no income and therefore are unable to pay their staff. Consequently, this could lead to venues having to close which will evidently have a detrimental effect on Corporate Video Production as a whole. There is a real possibility that the industry may never fully recover from the setbacks Covid-19 has caused.
Modus Film is a video production company based in Kent and London. Our services are nationwide and our video marketing agency can help you make some groundbreaking content. If you want to discuss this further contact us or better yet see how video marketing can transform your current marketing mix. We are now fully PPE compliant. Plus we carry on working!
As video marketing experts we are specialists in all forms of video marketing. Here at Modus Film, we have completed many projects for our clients that have required us defining a digital strategy with really great results. If you want to speak to a specialist email [email protected] or call us on 01233 273 273.
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