Broadway’s closing curtains have yet to reopen since March, major movie productions have been pushed back indefinitely, crew members have been furloughed, and live events have shut down. The COVID-19 pandemic took the world by storm, sweeping much of the entertainment industry off their feet. Hollywood alone supports more than 2 million jobs and 400,000 American businesses— clearly demonstrating its place as a critical driver of the US economy. With content on hold, you may be wondering where that leaves TV, film, music, and so many other industries.
Research firm Ampere Analysis has projected that the global film and television industry will lose $160 billion of growth over the next five years, with the biggest impact hitting 2020 and 2021. The entertainment and hospitality industries took a crippling blow this year, but the people that make them up are robust, and there will be recovery.
Navigating the COVID-19 Pandemic
While the pandemic has posed significant challenges for Hollywood, the industry has found ways to endure it. Below, are our tips for working through these uncertain times:
Being smart with your money and reducing expenses is of the utmost importance right now. Look into government support and financial resources.
Take advantage of technology. Just because social gatherings and meetings are on hold doesn’t mean you can’t move them online. Utilize Zoom and video calls to move forward with scripts, negotiations, and business plans.
Be extra communicative with your team. It can be hard to have discussions when they’re not happening face to face and you want to ensure that nothing falls through the cracks.
How the Entertainment Industry is Moving Forward
While there have been setbacks, we are seeing gradual movement within the industry as the country begins to recover. As production resumes, you can expect additional safety guidelines for the public and workers. Studios, concert venues, and theaters are following precautions that health experts advise.
Behind the scenes, business is moving forward despite the challenges presented. While there aren’t shows and movies being made right now, that could change very soon. This means that writers are staying on top of projects and scripts are being planned out. At Ford & Friedman, we’ve continued to help our clients negotiate agreements, find new revenue streams, and guide them through the changing landscape.
This crisis has put a strain on the entertainment industry, but we are taking steps to recover. Contact Ford & Friedman for legal advice from our entertainment and media attorneys by calling (702) 904-9898.