• Mar 19, 2020
  • By Filmio Team

How Coronavirus Affects the Entertainment Industry

Movie theaters around the world are closing, including UK chains Odeon and Cineworld and US chains Regal, AMC and Landmark. Major production companies like Warner Bros., Sony Pictures and Disney are halting work on movies and TV shows and delaying theater releases. Universal Pictures is making its in-theater movies available on-demand because the film industry will be losing out on box office profits for the foreseeable future due to Coronavirus.

In addition to the direct impact that we see at a consumer level, all entities in the entertainment industry will have to make quick adjustments to their daily operations to keep pace with the global response to COVID-19. In-person meetings are discouraged, so pitching new ideas face-to-face is out. The conference circuit is currently not an option for finding interested investors and building a fan base because most have been canceled or postponed. And film festivals—often a barometer for how independent projects will do in the mainstream box office—are postponed indefinitely. This is the beginning of a new age in the entertainment industry where only the most innovative approaches will make it through what is yet to come.

Why Web-based Platforms Will Thrive

As we all do our best to practice social distancing to help slow the spread of COVID-19, and as new reports indicate that our collective efforts may be needed for longer than initial estimations, consumers will turn to web-based platforms to communicate, work and conduct business. The entertainment industry will have to follow suit to keep afloat while we wait in our homes for the virus to peak and subside.

Filmio’s Decentralized Platform is positioned to be a boon to the industry because we facilitate a web-based creative process that supports transactions between creators, artists, service providers, asset-holders and investors. We also give fans access to new independent content as it is created. Creators who were planning on participating in festivals or meeting with investors can use Filmio to reach thousands of people who are searching for new content to pull them out of the excruciating boredom of being trapped at home.

Content creators can load their projects onto the Filmio platform and immediately start building an audience. Fans can find new projects and engage with loaded content to help boost a project’s rating, and this is the perfect time for creators to hit the ground running. Fans are looking for content, and people are doing their best to hold tightly to their sense of belonging to a meaningful community. What better way to promote community and be together while apart than through the participatory creative process provided by Filmio?

The Cultural Shift Created by COVID-19

As we turn to each other and web-based platforms, we know that this situation will forever change the way we learn, connect, do business and stay entertained. Streaming services are more important than ever to help us make sense of our new world, and we need platforms like Filmio to give a voice to independent creators who are here to tell their stories of love, loss, adventure and comedy. When we can no longer physically leave our homes to share our culture and our experiences, Filmio provides a place to create a vision of how we want our cultural expressions to shine. 

Audiences eager to share in the cultural shift can sign up for early access to our platform. They can also join our Telegram group to get questions answered and keep in touch with developers, and our Facebook page is an excellent place to connect with other members and share in the excitement of the beginning of a new era.