Research has indicated that the global entertainment sector is set to “lose $160 billion of growth” as a result of the novel coronavirus pandemic over the next five years.
It says “While the biggest impact will be felt in 2020 and throughout 2021, growth will be reduced each year for the duration of the five-year forecast period.
According to research firm Ampere Analysis, streaming will be “the big winner.”
Its latest forecasts suggest streaming will gain 12 percent of additional growth in revenue terms over the five year period.
The firm said lockdowns around the world have led to “a huge surge in streaming consumption and new subscriptions, benefiting subscription video-on demand, broadcaster video on-demand and other catch-up services”.
It estimated that the advertising market, across TV and online, will lose nearly $40 billion of revenue growth in 2021 and $43 billion in 2021.
It said a recovery will begin in 2022, but come in below the firm’s previously forecast levels for the entire period.