New challenges for the Entertainment industry.
The pandemic has created enormous uncertainty for businesses in the media and entertainment (M&E) sector, with many business leaders scrambling to figure out what the new world will look like. Adapting to the evolving landscape of challenges creates opportunities for forward-thinking companies to re-imagine their customer experience digitally and in-venue.
Sudden change can be the spark that drives innovation. Operations, sales, marketing, and entire business models have had to be re-worked to ensure sustainability for many in the media and entertainment industry. Strategic questions around what has changed, how to adapt, and what areas to focus on are key in meeting these challenges head-on. With revenues plummeting, it can be challenging to assess and prioritize these needs. At The Old State, we are helping entertainment companies consider what path is right for them and creating strategic plans to act with foresight to meet these demands.
Many media and entertainment companies including those such as theme parks, sports facilities, bowling alleys, live entertainment venues, cinemas, etc. found themselves in a real-life disaster movie in early March as they were all ordered to close or dramatically change their capacities.
Our clients in the M&E sector have worked closely with us to strategically plan re-openings while tackling ways to make these venues physically and psychologically safe for staff and consumers. It is vital that foundational strategic planning and operational implementations are considered to combat the spread of the virus at a baseline. It is also just as important to drive your brand forward during this time and to adapt and thrive. Our team has worked with a variety of clients to create re-opening playbooks that cover a wide range of operational, safety, technological, and marketing/communications tactics to ensure these businesses are better positioned for a stronger and more adaptive future.
M&E companies have had to make significant cuts in staffing to weather the economic impacts of little to no customers due to the pandemic crisis. As these entertainment companies look to transition back into welcoming visitors it is crucial they take account of internal and external communications and operational best practices and strategies to position themselves to be more successful as they transition from response to recovery unfolds.
Creating plans and strategic playbooks to tackle these problems head-on has been key for companies that have confidently been proactive in battling this changing landscape. Our team here at The Old State has helped many regional, national and international entertainment brands re-imagine their customer experience, communications, and offerings along the way as they have been forced to create the new experience.
The disruption and re-invention of mature industries such as the media & entertainment industry has not occurred often and executives need to seize the opportunity. While many in this industry scramble to rehire and position themselves for reopening, many questions remain on the impact of revenues and the psychological effects on the consumer.
The Old State has been able to mitigate, strategically plan, respond, and communicate in new ways for brands that have engaged us to find a new path forward with great success. If you are looking for ways to face the challenges in the M&E industry, we would be happy to visit with you and discuss ways to increase the likelihood of success during these challenging times.
Check out our other blog post Marketing During the Pandemic.
Notes/Citations: Deloitte.com, 2020, Accessed 5 October 2020, <https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/covid-19-outlook-on-media-industry.html>