From newspapers outlet that are facing the imminent possibility of closure to TV networks starting to run out of shows, the media industry is without a doubt facing a tough time in keeping up their finances and survive. Without a doubt, this pandemic has permanently changed how we are consuming entertainment and news.
Media insiders and analysts as well have warned that the pandemic is going to create a long-term impact on the cultural life of the country.
They have forecasted too that changes in consumer’s behavior that is assumed to take more than 5 years might have happen within 5 weeks.
This is also backed with the fact that numerous people are highly unlikely to get back to pre-lockdown habits.
Audience are Spiking but Channels are Declining
The market for traditional TV sky rocketed as many more people are stuck in their homes. An expected impact of Covid-19 has been the humongous jump in viewing among teens, especially signaling the return of numerous families watching together.
The challenge among commercial channels is that, there are now less ads to show to their growing audience since many companies are cutting their marketing budgets. According to some analysts, advertising is down by 40 percent or even more for months of March to June.
According to Stephen Allan, the chief executive of major media buying agency MediaCom, the way the market is on supply and demand. He is referring to the spiked of audiences that are available to advertisers as well as the fall in companies that want to buy adverts to tap them. What other companies are doing now such as https://ourcoffeebarn.com/gear/best-espresso-machines-under-100/ to advertise their products and services is by using unconventional methods. This includes the use of internet, social media and everything in between.
A Real Challenge Faced by Media Industry after Lockdown Ends
He also added while some of their clients discuss more about boosting ads spending as soon as lockdown settles, he is fearing the channels will be running out of new programs and shows to offer to audiences since literally no new shows were made during lockdown.