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Media Biz Faces Tough Questions About Long-Term Rebuilding After Coronavirus Pandemic
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variety.comBy Cynthia Littleton Business Editor Everything is on the table. That’s the overriding message from media giants after a parade of earnings reports covering the first three months of the year.
The unprecedented economic conditions sparked by the global coronavirus outbreak are testing Hollywood’s biggest players and accelerating seismic shifts that were already underway.
The immediate pain of the COVID-19 shock was evident in sudden advertising declines, revenue falling off a cliff at Disney and Universal theme parks and grim forecasts for the current quarter.
The long-term impact is evident in studios taking bold steps such as releasing movies that had been bound for theaters on premium VOD or steering buzzy titles to in-house streaming
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