The M&E industry finds itself in extraordinary circumstances, and is innovating and reinventing the business to adapt to the current situation. In the first of a two-part series, we find out how different industry domains are tackling the crisis
The events of the last two weeks seem to have transported us to a parallel universe where offices are locked up, roads are deserted, airplanes are grounded and playgrounds are empty. Life as we know it has changed. The impact of the COVID-19 pandemic has been so profound that it has engulfed every bit of our lives and quite naturally, the media and advertising sector finds itself struggling to ensure normalcy in these extraordinary times.
Our cover story this week takes a look at the impact of the pandemic on various domains in the business. We bring you the first part of our two-part series that examines the way companies in Television, OTT entertainment, Print, PR, Digital and Creative agency domains are navigating the current climate. Within a week of the social distancing and home isolation brought on by COVID-19, a report from BARC India and Nielsen reveals that TV consumption saw a jump of 8%. The report also shows a 6% jump in time spent on smartphones between March 16 and 22. According to data shared by BARC India, the Prime Minister’s speech on the total lockdown on March 24 saw the highest TV viewership, with more unique viewers than the Indian Premier League finals. With the nationwide lockdown set to continue until April 14, the current situation is definitely encouraging for platforms like TV and OTT entertainment, which have a captive audience. Both TV and OTT players, therefore, are going the extra mile to ensure that there is an exhaustive library of content for viewers during the lockdown. OTT players are now providing content in SD instead of HD so as to ease up the strain on Internet service providers and infrastructure, arising out of the huge demand.
While Print has suffered a setback with printing and distribution affected, most players have quickly adapted to the situation by sending out e-papers and online versions.
Meanwhile, creative advertising agencies have had to postpone shoots and campaigns resulting in an estimated 20% to 30% loss of revenue. Nevertheless, they are finding new ways to deliver solutions to their clients using technology even as everyone works from home. PR agencies have a very crucial role, as they remain perfectly poised to assist brands in crisis communication during this difficult time. During the pandemic, PR agencies have become the perfect partners for brands in creating consistent and authentic brand communication.
Stay tuned for next week’s issue, in which we look at how Media agencies, Marketing, Radio, OOH and Experiential domains are coping with the COVID-19 pandemic.
PM Modi address on ‘Complete Lockdown’ was the biggest ever News event
Unique viewers higher than the IPL Finals (133 Mn)