Asia-Pacific entertainment industry is expected to see a CAGR of 11.5% during the period (2019-2025). Asia-Pacific entertainment industry is one of the most severely affected regions across the globe with a major impact in economies such as China, Japan, South Korea, and India. The entertainment industry will continue to reflect the impact of COVID-19 in 2020. China was the first economy that was severely hit by COVID-19 as the country was the epicenter of the COVID-19. Lockdowns and restrictions on flights and transportation in major Asia-Pacific economies such as China, Japan, South Korea, India, and Australia have jolted the entertainment industry. Amid COVID-19 pandemic temporary or complete lockdowns have been implemented across the Asia-Pacific region that impacted the operations of entertainment industry players.
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Asia-Pacific entertainment industry is segmented into online video streaming, amusement parks, theatrical & film productions, sports, and live events and trade shows. Based on the segmentation, the live events and trade shows industry is expected to get highly affected due to the outbreak of a pandemic. The major factor for the downfall of the live events and trade shows industry includes stern government restrictions for the travel and tourism coupled with the practice of social distancing, regarding the rapidly spreading COVID-19 across the globe. It is expected that the restrictions on large gatherings will be in place for some more time, which will result in lower attendance at events. Moreover, the amusement & theme parks is another industry vertical significantly affected by the COVID-19 pandemic. Theme parks across the globe have been closed to prevent the COVID-19 pandemic.
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The major economies that are contributing into the growth of Asia-Pacific entertainment industry include China, Asia-Pacific, and Japan. As per OMR analysis, China held the highest market share of 45% in the Asia-Pacific entertainment industry in 2018. The market growth in China is attributed to the one of the fastest-growing film industries, globally. Furthermore, India is expected to grow at the fastest growth rate of 13.9% during the forecast period. The market growth in Asia-Pacific is attributed to the increasing internet consumption through multimedia streaming apps on mobile and computers, there are serious chances of a breakdown of the telecom network.
Verticals Affected Most
• Online Video streaming
• Amusement Parks
• Theatrical and Film Production
• Live Events and Trade Shows
Impact of COVID-19 on major economies
• Rest of Asia-Pacific
• Alibaba Pictures Group
• Contagious Malaysia SdnBhd
• Eros International Media, Ltd.
• Event and Entertainment Management Association
• Fantawild Holdings, Inc.
• Hong Kong Disneyland
• Sony Corp.
• Universal Studios Singapore
• Viacom18 Motion Pictures’
• Zee Entertainment Enterprises, Ltd.
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