How Is Covid-19 Affecting The Entertainment Industry?

By Victoria Simpson on March 13 2020 in Society

The current COVID-19 pandemic has brought the entire world to a standstill.
The current COVID-19 pandemic has brought the entire world to a standstill.
  • All Broadway shows in New York have been shut down.
  • Disney has closed all its tourist destinations worldwide, including cruises.
  • Some stocks such as Netflix seem to be benefiting from people staying at home due to the coronavirus.

In the city that never sleeps, the lights have gone out onstage. It is not a permanent move but nonetheless, among the changes countries and cities across the globe are presently experiencing in the face of the novel coronavirus, it somehow seems symbolic. 

If the COVID-19 virus is powerful enough to close down Broadway in New York City indefinitely, it is certainly going to leave its mark. 

How big will it be? Here is a glimpse. Here is a look at entertainment destinations, events and products now affected by the coronavirus globally, according to Vulture.com, Business Insider, and other online sources. 

Closures

Theater Shows 

In New York City as stated, all broadway shows will be shut down as of 5 PM, March 12. This is due to a ban on public gatherings over 500 people in the state of New York. 

In addition, Andrew Lloyd Webber’s Cinderella, Romeo & Bernadette: A Musical Tale of Verona and Brooklyn, Upright Citizens Brigade productions, Beyond Babel, and all events at the Apollo Theater have also been postponed until further notice.

It is safe to assume that theater shows have also been postponed or cancelled around the globe in other areas hit by COVID-19. Check your local listings before heading out.  

Disney Destinations

Disney is also taking precautions to keep the world safer in the face of the virus. The company is closing all eleven Disney theme parks in North America, Asia and Europe until the pandemic subsides, according to CNN

New departures of the Disney Cruise Line have also been suspended until the end of March. 

Museums Around The Globe

The MOMA, the Louvre, all museums in Italy, all state-run museums in Madrid, the Henry Ford Museum of American Innovation in Detroit, and national museums in Japan, China and South Korea will all be closing temporarily. Large crowds hovering around artifacts and paintings obviously pose a risk.   

Sporting Events

The NCAA is canceling March Madness. The NHL has put their season on hold. The PGA TOUR is canceling events as we speak, as is NASCAR.

Soccer, (or “football”), games in England are also currently being postponed. Surfing, tennis, you name it- it is best to check your event online before going out to cheer on your favorite competitors.  

Concerts

So many artists are pulling out the stops in order to protect the public that it is hard to list them all. Live Nation Tours, Mariah Carey’s shows, Maluma’s tour, Stormzy, Avril Lavigne, Green Day, the list goes on- all are postponing shows until later this year in order to avoid the crowds.  

Of note, launches and premiers, and conferences, as well as film and TV shoots have also been postponed and cancelled in the US due to the coronavirus. Check with your local organizers. 

Benefits

Entertainment Stocks That Are Benefiting

Apparently, not all the news is negative, however. The prevalence of the new coronavirus across the globe is obviously sending people into isolation which almost always means one thing: more TV. 

Consequently, Netflix shares have outperformed market expectations recently. iQiyi (IQ), which has been called “China’s Netflix”, also saw its shares rise recently as a result.

Do you have some cash to invest? Now could be the perfect time to wash your hands and profit. 

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