What COVID-19 means for the media and entertainment industry
COVID-19 & the media and entertainment industry
A look at the Canadian landscape
No one would have ever expected that, abruptly, in March 2020 the media and entertainment (M&E) sector would be turned upside-down. Since the onset of COVID-19, screen time is up and there has been a corresponding increase in media consumption – news, TV, digital, social media and gaming especially – as people have remained homebound. However, it's no surprise that the M&E segments most affected by the lockdown are those that rely on social gatherings – films and events – and the recovery here might take longer than anticipated.
As we progress to a new normal, there may also be a shifting of priorities with the balance between health, well-being, work and family being re-evaluated, with leisure – of which media and entertainment is a large part – playing a greater role in our lives.
As you work your way out of the reaction and into the recovery phase of this pandemic, you should consider a strategic response across three coordinated actions to better position your organization for long term success:
- Resilience – Immediate actions that preserve cash, give confidence to customers and employees and ensure business continuity - the "four C's" (Customer, Cash, Cost, Capital)
- Recovery – Performance improvement actions to maximize options in the face of uncertainty
- New Reality – Actions resulting from assessing new opportunities that arise as customer and market disruption settles into a 'new reality'
We know the M&E sector has not been immune to the effects of COVID-19, even though many organizations are still keeping the lights on. We are here to help as you recover and prepare for the New Reality. Now is a time to pause and assess long-held assumptions, challenge your organization's status quo, collaborate in new ways, think differently and do differently.
For more information, visit the COVID-19 resource centre.
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