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Entertainment industry estimated to lose $160 billion over 5 years due to the coronavirus pandemic

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Analysts estimate that the global entertainment industry will lose $160 billion in growth over the next five years as a result of the impact caused by the COVID-19 pandemic.

According to a report issued Thursday by the research firm Ampere Analysis, 2020 and 2021 will be the hardest hit years for the entertainment industry, but it notes people should expect more long-term impacts over the next five years as things slowly start to reopen and production on film and TV finds a new way to move forward under social distancing guidelines.

The report explains, as many expected, that the theatrical sector will take the biggest hit.

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A research firm reported that the film and TV industry may not recover from the coronavirus pandemic for five years.

A research firm reported that the film and TV industry may not recover from the coronavirus pandemic for five years.
(AP Photo/Matt York)

“While gross loss (the total amount of lost growth in dollar terms) will be greatest for the advertising sector, it’s also important to look at the relative impact pegged to the size of the sector,” the report reads (via The Hollywood Reporter). “On that basis, theatrical will be hardest hit, set to lose $24.4 billion over the next five years, with its revenue growth down more than 11 percent over Ampere’s previous forecasts.”

One reason for the long-term impact has to do with the supply chain of movies. As the virus has forced countless productions to close up shop and hit the pause button on whatever was being made, the immediate impact on the theater industry is obvious. However, Ampere anticipates that, once productions begin again, the market will become oversaturated with new movies playing catch-up and vying for a release window, which could ultimately lead to a slow down in production that impacts content acquisition and distribution further down the road.

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Meanwhile, both pay TV and advertising are expected to be the next hardest hit by the coronavirus shutdown. The firm estimates a more than $83 billion of revenue growth from TV and online advertising will be lost between now and 2022 for advertisers. In addition, pay TV is taking a hit thanks to the lack of live sports content. The report estimates that sector will “lose significant value in what was already a challenging market structurally, representing around 4 percent of its previously forecast value.”

'Trolls World Tour' was a financial success after its straight-to-streaming release.

‘Trolls World Tour’ was a financial success after its straight-to-streaming release.
(DreamWorks Animation via AP)

However, one area that seems to be thriving under the pandemic is streaming. Ampere’s latest forecast suggests that streaming will actually gain 12 percent of revenue growth over the same five-year period, as TV shows continue to roll out on various streaming platforms while movies begin to shift from theatrical releases to at-home releases. The concept was proven already with the straight-to-streaming release of “Trolls World Tour.”

Guy Bisson, research director at Ampere Analysis, explained that streaming is “likely to come out on top here as viewers are leaning on streaming content providers heavily, just as a slew of new platforms enter the market.”

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He added: “Yes, there will likely be a temporary post-lockdown backlash. But key to the longer-term prospects is the acceleration of consumer behavioral change, which will benefit streamers.”

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Why Nicole Avant Made Doc About Her Father – Variety

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When Nicole Avant was growing up in Beverly Hills in the 1970s and ’80s, her father, Clarence Avant, was one of the most connected and successful African American power brokers in the music industry. He launched record labels, owned radio stations and became a key figure in politics and the civil rights movement.

The Avant home was always buzzing with a stream of Hollywood and Washington insiders coming and going. “I knew that he was very powerful because the phone rang constantly and I always heard him fixing something or giving advice,” says Nicole, who made her producing debut with Netflix’s “The Black Godfather,” a documentary about her father. “And then I did see him on ‘Soul Train’ one day, and he was giving an interview with Don Cornelius. …That’s when I thought, ‘Oh, he must be a big deal because he’s on television.’”

That point is driven home by the documentary, which features interviews with Barack Obama, Bill Clinton, Jesse Jackson, David Geffen, Jamie Foxx, Sean “Diddy” Combs and the late Bill Withers, whom Avant signed to his Sussex Records while the singer was still working as an aircraft assembler.

Nicole Avant, who is married to Netflix chief content officer Ted Sarandos, says she had plans to shop the doc around before her husband snapped it up for the streamer. “I actually had this idea in my head since I was a little girl. I really did,” Avant, who served as Obama’s ambassador to the Bahamas, says on this week’s episode of the Variety and iHeart podcast “The Big Ticket.” “I had told Ted, even when I was dating him, there’s this idea I have for this film, and I said to him, ‘I’m going to take it to HBO.’ Once I started getting the interviews and everyone started confirming, Ted said, ‘Do you really have all these people saying yes?’ And I said, ‘Yeah, for sure.’ He said, ‘Let me take a look at it again.’ And then at that point, Ted is a part of the family, and he saw a solid film, and he saw an important film, and he actually wanted to tell the story just as much or even more than I did.”

What do you want people to know about your dad?

I really wanted people to take away that it’s important to have a strong sense of self. It’s important to keep moving forward. It’s important to pay back. It’s important to move the needle. Also, it’s very important to take risks in life. Sometimes you’re going to fail. Sometimes people are going to say no. So what? It’s a part of life. You keep going. You pick yourself back up again.

What did you learn about your dad while making the documentary that you didn’t know already?

I took it for granted how hard his childhood was and how abusive it was — having a stepfather, really beating up my grandmother in front of him and in front of the other children. My dad didn’t really have a childhood, and he took care of seven kids because everyone was working and they were so poor.

How hard was it to hear those stories?

Very hard for me. And it made a lot of sense when everything did fall down for him and everything blew up at one time and we lost everything. I think everything triggered to his childhood again of not having things he didn’t have or anybody to really rely on.

Tell me about a time in which someone really big turned up at the house and you were like, ‘What is this person doing here?’”

The one time I was very star-struck was when Whitney Houston showed up one day and I had just been listening to the “Greatest Love of All.” I’d sing it in the car like I was Whitney Houston. I was floored; I stood at the front door and I thought, “Oh, my God, this is a real celebrity. This is a big deal.”

If you were to make a scripted narrative about your dad, who would play him?

Forest Whitaker could play him because he knows him and he could “get” him actually.

This interview has been edited and condensed. Hear it in its entirety below. You can also listen to “The Big Ticket” at iHeartRadio or wherever you find your favorite podcasts.


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Even Prince William Has To Deal With This Classic Family Dinner Challenge

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There’s no question about it: lockdown has changed our lives and transformed the way we work. And that goes for royals, too. The Duke and Duchess of Cambridge have adapted, taking their royal duties online, via a number of zoom calls. But not everything has changed… On his latest call, Prince William revealed that even he has to deal with this classic family dinner challenge.

Speaking to representatives of the PEEK Project, a Glasgow-based charity, on May 20, the Duke of Cambridge said the success of his family meal depend very much on “what’s on the table”. Joking with community chef Charlie Farrally, Prince William agreed that dinner time can be very challenging: “If parents put something on that children love, dinner time goes very well,” he said. “But if you put something on the table they don’t want to do, that’s another ball game.”

PEEK Project, Possibilities for Each and Every Kid, have been working throughout COVID-19 to provide balanced, and hot meals for families in need. The Duke of Cambridge praised them for their work and pointed out the immense pressure that parents are under as well.

The PEEK project has been supported in it’s work throughout the pandemic by the National Emergencies Trust Coronavirus Appeal. Were it not for lockdown, the Duke of Cambridge would have been in Scotland this week to meet representatives at the General Assembly of the Church of Scotland. Obviously, this couldn’t go ahead face-to-face, but he still spoke to the chefs, volunteers, and the CEO via a video call. “I hope when I find myself up in Glasgow in the near future I can come and see you guys in person and congratulate you,” he added.


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Ozark’s Esai Morales to Replace Nicholas Hoult As ‘Mission: Impossible’ Villain – Find Out Why

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Esai Morales, known for his work in Ozark and How to Get Away with Murder, is joining the cast of Mission: Impossible 7 and Mission: Impossible 8, director Christopher McQuarrie revealed on his Instagram on Thursday (May 21).

However, Deadline is now reporting that Esai, 57, is actually replacing Nicholas Hoult in the movie in the villain role for the films.

The reason why Nicholas is being replaced? The Coronavirus pandemic has delayed production of tons of movies and television shows across the globe. As a result, the “delay put Hoult in conflict with another commitment.”

The film currently has a release date of July 23, 2021, but that could change as many films have had to alter release dates due to the global health crisis.

If you missed it, Nicholas just made a super rare comment about his two-year-old son.


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