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Dec 17, 2022
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Dec 31, 2022
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Abstract
The paper has tried to address the modification and adaptation done by the motion pictures industry on the business model, decision-making process, and revenue model, with a case study on Walt Disney. This paper also tried to understand the digital disruptiveness probable strategies taken by media organizations to conquer the spot of market leader and gain a competitive advantage from the set of homogeneous competitors. The new normal business model that has helped Disney+ to create the core competency has given the organization a long-term benefit to make a sustainable business model. The paper further indulges on how Walt Disney’s proactive, informed, and balanced decision-making process about the sudden change in media business dynamics along with the arts and communication industry is going to be a benchmark while keeping the window of both online and offline media business with growing target audience and revenue generation. In the end, we have tried to come up with a business model for the media industry in contemporary times and the future.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Bhat, R., & Sarkar, P. (2022). Covidization of Media and Entertainment Industry: Current Times and the Future Ahead. Indonesian Journal of Social Science Research, 3(2), 113-120. https://doi.org/10.11594/ijssr.03.02.07
References
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Chen, Z.-f. L. (2021). The impact of COVID-19 on industry-related characteristics and risk contagion. ELSEVIER PUBLIC HEALTH EMERGENCY COLLECTION.
CLARK, T. (2021, NOVEMBER 10). All 26 Marvel Cinematic Universe movies, ranked by how much money they made at the global box office. Retrieved from BUSINESS INSIDER ; INDIA: https://www.businessinsider.in/entertainment/news/all-26-marvel-cinematic-universe-movies-ranked-by-how-much-money-they-made-at-the-global-box-office/slidelist/87616066.cms
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CRISIL. (2021, FEBRUARY 23). Media and entertainment revenue to rebound 27% next fiscal. Retrieved from CRISIL: https://www.crisil.com/en/home/newsroom/press-releases/2021/02/media-and-entertainment-revenue-to-rebound-27percent-next-fiscal.html
David S. Johanson, R. K. (2022). Foreign Censorship, Part 2: Trade and Economic effect on U.S. Business. United States International Trade Commission.
Economist, T. (2020, DECEMBER 11). Disney plans to match Netflix in its spending on streaming. Retrieved from The Economist: https://www.economist.com/business/2020/12/11/disney-plans-to-match-netflix-in-its-spending-on-streaming
EDITOR, R. (2022, SEPTEMBER 27). Deals Do Come True: This New Bundle Promotion Gets You Disney+, Hulu, and ESPN+ for Free. Retrieved from Rollingstone: https://www.rollingstone.com/product-recommendations/lifestyle/best-disney-plus-deal-bundle-1000853/
Goldsmith, J. (2022, AUGUST 10). Disney+ Adds 14.4M Subscribers To 152.1M, Beating Forecasts; Revenue, Earnings Buoyed By Parks. Retrieved from DEADLINE: https://deadline.com/2022/08/disney-disneyplus-bob-chapek-earnings-theme-parks-1235089238/
GOLDSMITH, J. (2022, August 10). Disney+ Adds 14.4M Subscribers To 152.1M, Beating Forecasts; Revenue, Earnings Buoyed By Parks. Retrieved from DEADLINE: https://deadline.com/2022/08/disney-disneyplus-bob-chapek-earnings-theme-parks-1235089238/
Guidotti, T. L. (2011, FEBUARY). 26 Covenants in Occupational Health. Retrieved from Oxford Academic: https://academic.oup.com/book/32886/chapter-abstract/276434389?redirectedFrom=fulltext
ILO. (2018). INTERNATIONAL AND EUROPEAN LABOUR LAW. Bloomsbury Publishing.
Kewalramani, N. C. (2021, JULY 23). Theatres to OTT: A shift in the wake of pandemic. Retrieved from BRANDEQUITY.com: https://brandequity.economictimes.indiatimes.com/news/digital/theatres-to-ott-a-shift-in-the-wake-of-pandemic/84666148
Lucia CUSMANO, S. R. (2020, July 15). OECD. Retrieved from Coronavirus (COVID-19): SME policy responses: https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/
Ntim, Z. (2020, NOVEMBER 3). Disney is killing movie theaters. Retrieved from INSIDER: https://www.insider.com/disney-plus-killing-movie-theaters-2020-10
ORGANISATION, I. L. (JAN 2021). ILO SECTORAL BRIEF. INTERNATIONAL LABOUR ORGANISATION.
ORGANISATION, I. L. (n.d.). The ILO Social Security (Minimum Standards) Convention, 1952 (No. 102). Retrieved from INTERNATIONAL LABOUR ORGANISATION: https://www.ilo.org/secsoc/areas-of-work/legal-advice/WCMS_205340/lang--en/index.htm
Press, C. U. (1997). International Legal Materials. Cambridge University Press.
Sacco, E. T. (2020, SEPTEMBER 7). OECD Policy Responses to Coronavirus (COVID-19). Retrieved from OECD: https://www.oecd.org/coronavirus/policy-responses/culture-shock-covid-19-and-the-cultural-and-creative-sectors-08da9e0e/
Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. Elsevier Public Health Emergency Collection.
Shihui Xiang, 1. S. (2021). The Effect of COVID-19 Pandemic on Service Sector Sustainability and Growth. FRONT PSYCHOL.
TIMES, T. E., & tech. (2022, AUGUST 11). Disney tops Netflix on streaming subscribers, sets higher prices. Retrieved from THE ECONOMIC TIMES ; tech: https://economictimes.indiatimes.com/tech/technology/disney-tops-netflix-on-streaming-subscribers-sets-higher-prices/articleshow/93490478.cms?from=mdr
UNESCO. (2015). CULTURAL TIMES. UNESCO.
UNESCO. (2018). INVESTING IN CREATIVITY. UNESCO.
Whitten, S. (2019, NOVEMBER 8). The death of the DVD: Why sales dropped more than 86% in 13 years. Retrieved from CNBC: https://www.cnbc.com/2019/11/08/the-death-of-the-dvd-why-sales-dropped-more-than-86percent-in-13-years.html
Whitten, S. (2021, MARCH 3). Disney shuttering at least 20% of Disney Stores as it shifts focus to e-commerce. Retrieved from CNBC: https://www.cnbc.com/2021/03/03/disney-shuttering-at-least-20percent-of-disney-stores-as-it-shifts-focus-to-e-commerce.html
Zhang Huimin, Y. N. (2020, APRIL 17). China's GDP posts first decline in decades, contracting 6.8 percent. Retrieved from CGTN: https://news.cgtn.com/news/2020-04-17/China-s-GDP-drops-6-8-in-the-first-quarter--PKOPsQrWXC/index.html