Following up to last year’s “Covid-19: Tracking the Impact on the Entertainment Landscape” studies, MRC Data just launched a new release, which reveals how the entertainment industry continues to change as a result of the coronavirus pandemic.
Nowadays, for example, people are no longer willing to stay informed all the time. Consumers are turning to personal wellness activities and the platforms that support them, with exercise activities/services ranking at the top (51%), followed by diet and nutrition (33%) and at-home workout equipment (31%).
Entertainment habits have stabilized as the pandemic continues with routines well established. Less time is being spent with music (44%), social media (40%), short form videos (38%), video games (35%), cooking/baking (33%), and movies (32%).
According to MRC, services must ensure an enjoyable experience and unique value add to retain new subscribers in a highly competitive market. Among subscription adders, only 37% are likely to keep an added service until free trial ends, while 43% of current subscribers have cancelled a streaming service.
Demand exists for virtual events even after in-person events have returned as they allow for greater comfort, flexibility, and unique interactive experiences. Among total respondents, 60% said they are likely to pay for a live streamed event even when in-person ones are back, while 23% prefer to watch something happening in real time in a venue.
Furthermore, the investigation found that many live streamers do not stay tuned in for the full event. In fact, 73% of all live streamers are only watching part of an event, with 54% preferring them to be shorter. Frontloading the most important content is in the best interest to ensure exposure to the most viewers.