Re: Nollywood in post COVID-19
Since February, some of the world’s biggest public events have been cancelled, leading to a gross loss of over $200 million for the music industry alone. Joining the global initiatives of providing a smart way around the situation, Nigeria’s renowned creative collective, Livespot360 has a slew of new cutting-edge formats across entertainment and experiential marketing.
As the initiatives seek, perhaps equally enjoyable alternative to physical events, the overall idea is to help salvage the entertainment industry that has been heavily affected by the COVID-19 pandemic.The issue is inexhaustible as a fan of Standby; Olaitan Faranpojo raises similar concerns while responding to last week’s discourse on the future of entertainment business in the post Covid-19 era.Of course, steady electricity and less expensive Internet would solve many problems in Nigeria.
The cinema industry worldwide is having a complete collapse. There is just no way to operate the business if you are only allowed to sell 50% of the seats. That means only 50% or less from concessions and increased costs from extra cleaning. That business already had a very low profit margin and high fixed costs. They will have to find a new business model to survive. They can’t charge more for tickets because no one has any money now.
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