New consumer lifestyles and behaviors have emerged and the impact of the COVID-19 pandemic has had a longer-lasting effect than expected. The entertainment and leisure industry needs to adapt and seize new opportunities and protocols. required.
The entertainment and leisure industry is a service-based industry that provides recreational activities to people. The sector comprises many establishments that aim to entertain and cater to the varied interests of consumers. The purpose of the industry includes creating public exhibitions and providing recreational activities with the intention of entertainment.
Globally, there is a shift in how middle and higher-income consumers are looking at many leisure activities. More and more people define themselves not based upon what they own but based upon the experiences they have in their free time.
The entertainment and leisure industry has also encountered a setback from the COVID-19 pandemic. Consumers’ attitudes and confidence are different than before. Consumers are more hesitant to go back to entertainment venues and their confidence levels are lower. However, the consumer confidence level is also related to restrictions and regulations. Therefore, the big shift is moving the out-of-home entertainment to in-home. The home becomes a new hub for people and most spending on non-essentials has generally decreased. This is mainly driven by three factors: safety concerns, behavioral change of habits, and financial reasons.
The amusement park sector offers various options including immersive theme parks, thrilling coaster parks, and family fun parks. They normally feature various attractions, including rides, games, events, and carnivals for entertainment purposes. The sector requires a big investment to build long-lasting stationary operations. Some examples of amusement parks are Walt Disney World, Universal Orlando Park, Six Flags, Legoland, and many more.
Casinos are facilities to serve the purpose of gambling activities. Casinos are frequently built with or near hotels, resorts, restaurants, shopping malls, cruise ships, or other tourist attractions. The casino market declined significantly during the coronavirus pandemic outbreak. The abrupt stop of economic activity has put the industry in financial distress. About 75% of revenue comes from the offline brick-and-mortar segment. Online casinos are in a much better situation compared to physical ones recently.
Concerts are live performances by musicians, singers, and instrumentalists for an audience. Concerts are held in a wide variety and size of settings and can be performed indoors inside or outdoors. The concerts sector will experience growth in the next few years despite the impact of the global pandemic. The sales will mainly come from ticket sales and sponsorship.
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