While no business is immune to the effects of pandemic, perhaps no other industry has been forced to change quite like live sports and entertainment. When your entire purpose is bringing people together for a Live event, a lot is lost when that can't happen. But what is gained? What have we learned?
In March 2020, live sports and global touring came to a screeching halt. The events and entertainment industry was faced with a now-or-never moment: get creative and think outside the box during unprecedented times, or risk losing your business. Within weeks, confirmed360 began to mastermind the Floyd May weather vs Logan Paul mega boxing match which took place a year later on June 6, 2021, in front of a sold out crowd at Hard Stadium in Miami. In what was a homecoming for live events, the fight was one of the first stadium events that took place with fan's while also being the top-selling PPV event of 2021. The entertainment industry was among those hit hardest by the coronavirus pandemic, but by transforming products and services, ten businesses had much to gain from a rapidly changing media landscape Cinemas have struggled over the course of the pandemic. Yet while titans like Cineworld face permanent closure, smaller brands have fared better thanks to a leaner business model and an ability to understand their own audience niches. When Curzon was forced to close temporarily their 13 cinema sites, the brand funelled money into improving the customer experience of their on-demand Curzon Home Cinema streaming platform. As an art house alternative to the likes of Netflix, several independent films skipped cinemas to debut on the platform. Consequently, Curzon saw its highest viewing figures on the platform by the third weekend of March, up 89 per cent on its previous record.Cultural and creative sectors are important in their own right in terms of their economic footprint and employment. They also spur innovation across the economy, as well as contribute to numerous other channels for positive social impact (well-being and health, education, inclusion, urban regeneration, etc.). They are among the hardest hit by the pandemic, with large cities often containing the greatest share of jobs at risk. The dynamics vary across sub-sectors, with venue-based activities and the related supply chains most affected. Policies to support firms and workers during the pandemic can be ill-adapted to the non-traditional business models and forms of employment in the sector. In addition to short-term support for artists and firms, which comes from both the public and private sector, policies can also leverage the economic and social impacts of culture in their broader recovery packages and efforts to transform local economies.Finally, if sports stadiums are forced to close their doors for the long term, they could lose their allure to broadcasters. Would these competitions be as good, or as popular, without the live atmosphere that fans create?
Ultimately, the most important thing for the media and entertainment industry is to help slow down the spread of the virus and keep people informed about what people should do to stay safe. With luck, these disruptions will just be temporary. Beyond this, the industry is in uncharted waters.
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