The COVID-19 pandemic has spelled bad news for pretty much every industry of the global economy, though some have certainly been hit harder than others, while a select few have benefitted as a result of the turmoil.
Read on to discover which industries have been hit particularly hard by the pandemic and why some companies have flourished in the last year or so.
Huge Losses For the Cinema Industry
The cinema industry has been devastated by the coronavirus pandemic in most countries, including the US and India, which are home to Hollywood and Bollywood, respectively.
This is perhaps unsurprising, given the fact that most cinemas have had to shut their doors for at least some of the period since March, when the pandemic escalated in most of the world, as part of broader social distancing measures aimed at curbing the spread of the virus.
Specifically, as of September 2020, Indian cinema had suffered an estimated loss in revenue of around 50 billion Indian rupees (circa $680 million at the current exchange rate.)
Aside from ticket sales plummeting, the pandemic has disrupted the cinema industry in other ways. For example, very few films have been produced over the last 9 or so months due to concerns that actors, film crews and extras could spread the virus to one another.
Other Big Losers
Countless other industries have pretty much ground to a halt due to the COVID-19 pandemic. For instance, in many major cities of the world, non-essential stores have been closed for most of the last 9 months, leading to huge losses in revenue and redundancies.
Land based casinos and other entertainment venues have similarly been affected by the crisis, and those which have survived are eagerly waiting for lockdowns to be lifted so they can start accepting customers once more.
Another big loser is the aviation and broader travel industry, as the pandemic has led to many flights being grounded and many popular tourist destinations closing their doors.
It’s Not All Bad…
While land based casinos have seen their revenues plummet since the COVID-19 pandemic escalated back in March, most online casinos and other real money gaming sites have enjoyed a very strong period.
For instance, the Betnero online casino has had a 30 percent increase in the number of players using its platform since the pandemic started.
This is understandable, as many players have been forced to go online due to land based casinos being closed in many US states and other parts of the world.
E-commerce is arguably the biggest winner of the pandemic, with most online retailers – from Amazon to online food delivery service Ocado – witnessing a sharp increase in sales as many stores closed and people tried to minimize their contract with the outside world.
And with many of us stuck at home and desperate for entertainment, online video streaming services, like Netflix and Hulu, have also fared well during the pandemic.
It remains to be seen how all of these companies will perform once the pandemic is over, but for the time being, they’ll certainly be enjoying their increased revenues and popularity.