Global Post Production Market Anticipated to Witness Major Downfall due to the COVID-19 Pandemic - Exclusive Report by Research Dive

The global post production market is projected to witness major downfall during the Covid-19 outbreak due to the lockdown scenarios that are being faced across the world. Also, the entire film industry coming to a standstill is expected to have a negative impact on the growth of the post production market in the forecasted timeframe.

New York, USA, June 07, 2021 (GLOBE NEWSWIRE) -- As per a report studied by Research Dive, the global post production market is projected to generate a revenue of $25,463.6 million by 2026, increasing from a market size of $16,398.8 million in the year 2018, at a significant CAGR of 5.7% during 2019-2026 timeframe. The market report compiles the present boom of the market and the upcoming scenario. The market study is put forth by researchers by scrutinizing facts and figures via primary and secondary research methods. Also, reference data from periodicals, newspapers, books, authentic sites, and journals are referred while drafting the market report. Furthermore, the report also cites the impact of the COVID-19 pandemic on the market.

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Key Insights of the Report

  • Speculates basic factors of the market including definition, pros & cons, and several application fields.
  • An inclusive description of the growth rate, market size, market situations, significant dynamics, statistics, revenues, and future predictions.
  • Noteworthy market segmentation, hindrances, growth facets, and investment opportunities.
  • Present state of the global and regional market through countries, companies, and industries.
  • Main insights on Porter’s five forces analysis, current market trends and advances, SWOT scrutiny, leading market players, and creative business tactics.

Factors Impacting the Market Share during Pre & Post Covid-19 Pandemic

The global post production market was estimated to hold a market share of $18,237.9 million before the pandemic in 2020, but the market garnered a revenue of $8,207.1 million in 2020 due the coronavirus outbreak. The COVID-19 pandemic has had a negative impact on the post-production market. The entire film business has come to a halt as a result of this life-threatening disease, which has had a massive impact on revenue generation. All small and medium-sized enterprises that are directly reliant on the entertainment industry have been severely hurt.

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Thousands of workers on both ends of the camera, in front and behind it, have been impacted. A variety of additional jobs that are directly or indirectly tied to the post-production business are also at jeopardy. Many significant players have postponed their movie release dates as a result of the epidemic, as post-production work such as 3D effects and graphics has been put on hold. For example, Walt Disney Studios has moved the release date of its most awaited film, “Doctor Strange in the Metauniverse of Madness,” from November 5, 2021 to March 25, 2022.

Some production companies, such as NBCUniversal, have devised a method for renting new movies early on streaming platforms like Xfinity, Netflix, Hulu, Amazon Prime, and others. This will be accomplished by renting out the movies for 24 hours. However, if the COVID-19 pandemic situation improves with the development of an adequate vaccine, this theory will be disproven, since these corporations will be forced to incur significant losses in comparison to the market screening of these films.

Future Scope of the Market

The global post production market is estimated to maintain its growth rate after the pandemic phase. The post production market is expected to recover to its lucrative state by the end of Q1/Q2 of 2023. The Walt Disney Company, AT&T, Comcast, Sony, and MGM invested heavily in the post-production stages by introducing cutting-edge technology. For example, in July 2018, Walt Disney announced the creation of “StudioLAB,” a new creative space where filmmakers from Walt Disney Animation Studios, Disney Live-Action, Marvel Studios, Lucasfilm  and Pixar Animation Studios, may interact and work on new projects. The implementation of the cloud in the post-production stage is expected to boost the growth of the market in the analysis period.

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The prominent players of the global market are

  1. Viacom Inc.
  2. Comcast Corp.
  3. Sony Corp.
  4. Eros International Plc.
  5. Netflix Inc.
  6. MGM Holdings Inc.
  7. Lions Gate Entertainment Corp.
  8. Prime Focus Ltd.
  9. AT&T Inc.
  10. The Walt Disney Co.

among others. These industry players are working on several strategies like merging with key businesses, launching new products, engaging in collaborations and profitable tie-ups, and financing research and development projects to maintain their competitive state in the market. For instance, in June 2020, Eros International Plc, a worldwide Indian entertainment firm, announced a strategic partnership with Epic Games on Thursday that would see Eros utilise Epic’s Unreal Engine across its entire production slate.

In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report

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