How Covid-19 and lockdown affected the entertainment industry

Having a job or a company that is still afloat in this economy is really a very underrated blessing. Many people lost jobs either through retrenchments or due to companies closing down because of financial hurdles. You know how Covid-19 just caught everyone by surprise and changed people’s lives in a blink of an eye. Right now, society is adjusting to the ‘new normal’. Amid efforts by government and the medical sector to mitigate the health impact of the COVID-19 pandemic, many commercial enterprises have to alter how they do business, as the economic effects of the Coronavirus continue to manifest.

The COVID-19 pandemic has had a wide-ranging impact on the entertainment industry. Social distancing and travel restrictions meant that events, concerts, weddings, and film sets were no longer viable activities. The Events Industry Council estimated that, due to the pandemic, about 23% of the market has evaporated. In South Africa, artists and organisers are prioritising a move to online events and performances in order to alleviate the impacts and reignite revenue streams. 

The key factors that affected the entertainment industry during the COVID-19 pandemic include the shutdowns of live events, among others. The outbreak of COVID-19 had a dual impact on the events industry as all the upcoming events had to be canceled or postponed, and because of those reasons, companies experienced losses. Prominent players operating in the entertainment industry and got affected by the pandemic include our very own artists. 

With shows being canceled or postponed, it was a real struggle for most artists because they make money through gigs, which most them are live. They have to travel from one province to another, but with all the lockdown restrictions all that had to wait, which meant no bread and income for artists for a few months. 

It was tough, we stay gracious for making it through. Now that things are finally kind of going back to normal, things are looking better. We get gigs, even though there are still rules to follow, such as venues not having more than 50% capacity, it is better than nothing.

Above it all, we can all agree that being alive in 2020 is one thing we are all grateful for, yes, we still the money though, so let us make most of it during this festive season. Work hard and never lose hope, let us continue to define the era and change lives. 

Sources:

https://www.researchandmarkets.com/reports/5013572/the-impact-of-covid-19-on-the-entertainment-market

BUSINESS RESCUE, RESTRUCTURING & INSOLVENCY NEWSLETTER (Kgosi Nkaiseng, Kylene Weyers and Vaughn Rajah)