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The sudden onset of a pandemic can certainly bring things into perspective, revealing what is most useful and sustainable, and what adds unnecessary weight in a crisis. We are witnessing an incredible volatile market, as seen by the Chicago Board Options Exchange's CBOE Volatility Index (INDEXCBOE: VIX) rise of 49% over the past week.
As we watch what happens within the film industry, we can see that the response is far more nuanced. Some sectors are doing better than ever, and others need major adjustments in order to thrive in the future. Advertising spend has also drastically changed throughout the crisis.
The Big Six movie production companies may be among the hardest hit by the pandemic. Movie theater closings have damaged box office revenue for nearly the entire summer blockbuster season. In March, a Hollywood Reporter article predicted that the theater industry would lose around $17 billion due to a lack of visitors to the big screen and major releases will be limited or delayed because production everywhere has temporarily halted.
There is no denying that the part of the industry dependent on giant box office revenues is in trouble, but the film industry isn’t going anywhere. Technology is evolving faster than ever, and entertainment is an integral part of everyone’s lives. The challenges moving forward present an opportunity to innovate and adapt.
It is time for the industry to break away from the cumbersome, expensive and prohibitive methods perpetuated by tradition, and move into a more sustainable standard that has the flexibility to change with the times. The most adaptable elements are thriving right now, becoming the new anchor for the future of the industry.
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