A Post COVID Entertainment Industry
The number of confirmed coronavirus cases has reached more than 2 million globally. People are reported to be infected in nearly every country and nearly 140 thousand have died.
Though those figures are devastating, they only paint a small portion of the picture. New reports indicate that the pandemic’s impact on the global economy is equal to or potentially greater than that of the Great Depression. Every market in every developed country sits in a precarious position right now.
In the United States alone, more than 22 million people have filed for unemployment since Donald Trump declared a national emergency. Early analysis indicates that the number of jobs lost in the last four weeks is equal to the number of jobs created since the 2008 Recession.
Changing the Way the World Conducts Business
This pandemic is changing the way the world works—socially, economically and culturally. The changes we’re making will affect the way we do everything, and advancements in technology are needed now more than ever to support our shift to a new era of business.
Until scientists develop a vaccine, and likely well after, social distancing will be the new norm. In some states, the ban on large gatherings may remain in effect until 2021. Consumers will continue to find ways to access the essentials without leaving their homes; employees will maintain remote working status, and we will all need to wear masks when we go out in public.
The Cutting Edge of Innovation
It seems as though everything is on pause right now, however, the economy, will recover. Although we are not quite out of the woods yet, it is time to look ahead and prepare for holistic changes in the way we interact.
Companies will be required to remain on the cutting edge of innovation as we find ways to restart doing business while still avoiding contact when possible. The possibility that there could be a COVID-19 resurgence demands that our economy shifts to one that does not completely shut down when people must socially distance.
The Industrial Revolution moved us from our farms and homes into factories and offices, creating the more centralized labor model we see today. The pandemic has initiated a movement back into a cottage industry of sorts; only now, we can develop the technology to support the interwoven global dependence to which we have become accustomed.
The Entertainment Industry Post-Corona
With live events becoming virtual experiences, film releases postponed and productions halted, the entertainment industry has to adjust to a new way of conducting business. The whole entertainment process has historically been a social construct, but continuing to rely on methods requiring in-person contact at every step is not sustainable, especially given the current event that is Coronavirus.
Content creators and investors will be looking for an infrastructure that facilitates a secure and transparent way of conducting business without having to share the same air supply, and Filmio meets that need. We are ahead of the curve in that our decentralized blockchain gives everyone the ability to conduct business fairly without ever having to meet face-to-face.
Creators can load their content onto the Filmio blockchain, and once they make their project public, they can start building an audience that is encouraged to engage. Investors can peruse the collection of projects on Filmio, access meaningful metrics and directly approach creators who have projects they are interested in funding. When both parties are satisfied with the terms offered, they can become business partners–without ever having to meet in person or shake hands.
The Filmio Decentralized Platform provides a foundation for a new infrastructure within the entertainment industry that will bring creators, investors and fans together while keeping them safe.
The New Way of Doing Business
The coronavirus pandemic is still wreaking havoc on the global economy, and it will continue to do so until we have created an entirely new infrastructure that supports the necessary shifts in the way we do business. This is an unanticipated event that no one was prepared for, and it will take time for every industry, including entertainment, to position themselves to take advantage of safe business models.
We may someday be able to go back to happily hugging our friends and shaking hands to make a deal. But in the meantime, we are on a path to developing new technologies that will forever change the way we do business.
Within the entertainment industry, Filmio is at the front of the line with blockchain technology and a plan for the future.
Directors, creators, film-lovers and investors can follow us on Facebook, Telegram and Twitter to keep up to date on all the latest developments. And you can sign up for early access to our platform here. Joining now means you will be one of the first to learn about all the exciting new frontiers for the entertainment industry and where we are headed next.