COVID-19 and the impact of industries world-wide

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Credit: iStock/vchal

The coronavirus has continued to advance around the world and resulted in lockdowns being enforced and normal life being ground to a halt. These lockdowns have now continued to be eased, but the impact on businesses and different industries are going to be lasting. Most have been negatively impacted by this situation but there also still remains some that have seen major growth and positives from the current situation.

Online entertainment is the industry that is been surging in the periods of lockdown and people spending extended periods of time in their own homes. You have different betting sites that have seen rising numbers picking up the numerous offers and bonuses and playing different online games that are available. Some have now moved over to sports betting, as sport has returned following a lengthy break. These platforms were one to benefit, as betting sites provided a popular form of entertainment for players around the world. This was also boosted with land based casinos remaining closed for a lengthy period of time, with regular players then moving online.

Others areas of online entertainment have also seen growth, such as streaming platforms and gaming. You have Netflix for example, that in Q1 and Q2 have been far above previous expectations. They saw 15.8 million extra subscribers in Q1, which was more than double their expectations of 7.2 million. That further showing how well they have benefited from the situation. This continued in Q2, and they noted they had added 26 million paid new subscribers this year.

It has been a similar scenario for gaming, with mobile gaming continuing to grow more than any other. Streaming services such as Twitch.tv have also proven hugely popular throughout this period, as online entertainment continues to prosper. Despite all these positives, there has of course been far more negatives. We have seen industries badly affected and endless businesses closing, with many never likely to open their doors again.

Two of the most badly impacted have been the travel sector and of course the hospitality sector. Each have had to grind to a halt, with implications of this set to last for years to come. The travel industry has seen many of the top firms cutting endless numbers of jobs, in order for businesses to stay alive. This comes as people have been advised not to travel, unless it is for an emergency. It has been similar for the hospitality sector, with the lockdowns meaning they all had to close their doors for an extended period of time. Since opening, things have had to change in order for social distancing to remain in place, that has meant capacity reducing. That has made it even harder for businesses to survive and keep employees in paid jobs.

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