The coronavirus pandemic could have dealt a dizzying blow to Hollywood, however Tinseltown is predicted to bounce again in only a few years, led by surging demand for streaming video.
PriceWaterhouseCoopers in a brand new report has predicted that streaming video will generate a large $94 billion in revenues by the top of 2025, up 60 % from 2020.
The business, led by gamers like Netflix, Amazon Prime and Disney Plus, can be buoyed in 2025 by a whopping $81 billion in subscriptions gross sales and about $13 billion in gross sales tied to renting or shopping for motion pictures, PWC predicted.
With film theaters reopening their doorways, PWC sees cinema income, together with promoting, rebounding by 2024, only a few brief years after being almost toppled by the coronavirus pandemic.
Cinema revenues fell to a depressing $13.1 billion in 2020 from $44.4 billion in 2019, however are on monitor to develop to $25.4 billion this yr and to just about $45.2 billion in 2024, in keeping with the report.
Inside that can be a soar in world field workplace income, which fell to a sorry $11.8 billion in 2020. Field workplace gross sales, in keeping with the report, will climb to $41.6 billion in 2024, above down from even 2019 ranges of $40.7 billion.
The rebound has already began, PWC principal CJ Bangah informed The Hollywood Reporter.
“We do count on a few of the large blockbusters which are popping out over the summer season and into the autumn are going to assist the business have considerably more healthy income this yr,” Bangah mentioned. However a full restoration will take a number of years as a result of “cinema progress is so carefully correlated to vaccination standing,” Bangah mentioned.
Whereas the worldwide field workplace is predicted to return to regular by 2024, it will likely be helped in good half by the return of moviegoing in China. The North American field workplace, PWC mentioned, gained’t make a full restoration till one yr later, in 2025.
PwC sees the worldwide media and leisure sector general rising 6.5 % in 2021 and an additional 6.7 % in 2022 as extra international locations “emerge from lockdown.”
Final yr, the worldwide media and leisure business declined 3.8 % to $2 trillion, marking “essentially the most vital year-on-year drop” within the report’s 21-year historical past, PWC mentioned.
The drop got here as theaters had been pressured to close their doorways to stave off the pandemic. The lethal virus additionally put a crimp on Hollywood movie and TV manufacturing, forcing delays of extremely anticipated blockbusters like Marvel’s “Black Widow” and “Quick and Livid 9,” which solely additional exacerbated the woes of cinemas.
In line with Comscore, world field workplace income fell to $12.4 billion in 2020 from an business excessive of $42.5 billion in 2019. In North America, ticket gross sales hit a 40-year-low struggling to achieve $2.2 billion final yr, after they reached $11.39 billion in 2019.