Market

Before 2020, the global film industry maintained strong projections with consistent growth of worldwide box office revenue. In 2019, it amassed more than $42 Billion. However, the coronavirus pandemic impacted the film industry ruthlessly, as several movie theaters had to shut down in 2020 as one of the measures to control the outbreak. The 65.9% year-on-year decline in box office revenue in 2020 significantly impacted the global film industry. OTT video revenue for the same period was $22.6 Billion.

Cinema has been dramatically affected during the COVID-19 pandemic as theaters were shut down, blockbusters were rescheduled, and movie productions had to be halted.

The US cinema revenues dropped from US$11.4bn in 2019 to US$3.5bn in 2020.

Film production levels, which were very high in 2019, crashed in 2020. However, there is hope for a recovery in the future. The pandemic has dramatically changed the industry; more experimentation with in-home premium video-on-demand and increased use of owned and operated subscription video-on-demand platforms to launch movies that would typically be presented in the theaters.

Subscription video-on-demand revenue may possibly increase from US$13.5bn in 2019 to US$24.5bn by 2024 (estimate) as a result of the surge in streaming offerings alongside an increase in consumer demand as a result of COVID-19.

The COVID-19 pandemic has accelerated ongoing shifts in consumer behavior, pulling forward digital disruption. As a result, the entertainment industry has become more remote, more virtual, more streamed, more personal, and centered on the home.

Due to production shutdowns, the lack of new content may begin to strain streaming platforms without extensive libraries.

Nevertheless, there should be an increased focus on international expansion alongside content and intellectual property acquisitions to support growth and user engagement over the years. Our platform targets the film industry market; it is designed to transform and ensure that new content gets created and meets the growing demands of new productions.