The rising cost of the Coronavirus is starting to have its effect on the economy. Currently the impact has largely been on Chinese trade and manufacturing, which in turn has dampened global financial markets. As we enter this next phase of Coronavirus outbreak, event based businesses need to consider the impact it will have on their success. People are avoiding making public appearances, especially those which involve a crowd. Event attendance and hospitality outings are expected to drop off drastically. Businesses need to also consider the impact it will have on collaboration, both internally and externally. This article will outline a number of solutions for businesses looking to minimize any potential losses and smoothly navigate these murky waters.
Box Office & Cinema
The Box Office in China has been hit hard with many films drastically under performing. In fact, Cinemas have now been shut down completely with no current date for reopening. This has led many to question what insurance Film exhibitors have during times like this. Fortunately there is an obvious answer: Online streaming. The technology is already firing on full cylinders and there are providers out there who can help Film Exhibitors quickly launch and scale their streaming service without adding much complexity to their existing operations. Doing so would provide cinemas with a convenient solution to continue generating revenue. Not to mention a lot of schools are closed so there’s more time to watch movies.
Conferences, Live Music and Other Events
Events have also been hit hard with many organizers doubtful whether or not they will be in a position to go ahead with upcoming events. The fallout from this could be massive, not only for event organizers but all the sponsors who benefit greatly from the marketing exposure. Similar to the current state of the Box Office, online video could provide a massive amount of insurance here. Event organizers can also quickly launch their own streaming service to showcase live music, conference sessions and anything else than can be captured with with videos. This way attendees can tune in from home and events can defend against potential losses.
Contact us for more information on launching your own streaming service to future proof your business.