The COVID-19 pandemic changed the way people consume entertainment and events – in-person concerts, movies, theater, and festivals shut down, while streaming services boomed. Even as production resumes and in-person entertainment returns, consumers may continue to blend at-home and live experiences. Media and entertainment companies are identifying new ways to engage consumers regardless of their location and generate record revenues once again.
The increasing pressure to deliver consumable content regularly on a global and localized basis means that the risks involved are potentially massive. Whether it's a series of on-set accidents, artist no-shows, or sudden catastrophic disasters of the natural or human-caused variety, unforeseen adverse events such as the COVID-19 pandemic can cripple organizations' bottom lines if they aren't accounted for in comprehensive contingency plans. BSEEbix's entertainment industry specialists have worked with the owners, organizers, and stakeholders for some of the world's major event promoters, production companies, and media organizations. Our experience working with these clients to develop entertainment insurance and risk mitigation plans can help your organization pursue the necessary financial protection and resilience against countless unexpected events.
As in most of the world, the Indian entertainment industry took a significant financial step back due to the COVID-19 pandemic. It has been estimated that the Indian box office collections have gone down by over 50%, while live theatre is slowly ramping back up. Independent filmmakers were hit particularly hard as financing has become harder to obtain due to potential uninsurable COVID-19-related delays.
With vaccination rollouts in place throughout the country, it's reasonable to predict a return to normalcy for the entertainment business. Even a modest resumption of profitability in the near term could put the Indian entertainment industry back on track to follow the upward trajectory it's been on for much of the past decade. BSEEbix's Entertainment Practice can help you identify risk management strategies and insurance solutions designed to financially protect your productions and keep your costs under control.