A new consumer lifestyle and behavior have emerged and the impact of COVID-19 pandemic has a lasting effect than expected. Entertainment and leisure industry needs to understand how to grab opportunities and new protocols are required.
Entertainment and leisure industry is a service-based industry that provides recreational activities to people. The sector comprises many establishments that aim to entertain the varied interests of the consumers. The purpose of the industry includes creating public exhibitions and providing recreational activities with the intentions 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.
Entertainment and leisure industry has also gained a setback from COVID-19 pandemic. Consumers’ attitude and confidence are different from before. Consumers are more hesitant to go back to entertainment venues and their confidence levels are lower. However, consumer confidence level is also related to the restriction rules. Therefore, the big shift is moving the out-of-home entertainment to in-home. Home becomes a new hub for people and most spend on non-essentials has generally decreased. This is mainly driven by three factors: safety concerns, behavioral change of habit, and financial reasons.
An 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 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 is a facility 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 corona 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 the physical ones recently.
A concert is a live performance by musicians, singers, and instrumentalists for an audience. Concerts are held in a wide variety and size of settings, and it can be performed indoors inside of buildings 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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