Everyone is aware of COVID 19 these days. The world is suffering economically, socially, physically, and mentally. This pandemic affected the entire world baldy from young to old everyone is bound inside the homes. In the beginning, when this pandemic spread, people have fear in mind, however, later people realized that money is quite important to lead a good life and depending too much on savings is also not a good idea. The impact of COVID-19 on TV Industry is visible too. Huge downfall in the sale of TV caused a severe loss to the TV business.
The decline of TV Industry: Top TV brands such as Samsung, LG, Onida, Panasonic, etc come across the huge hit due to COVID 19 outbreak. These brands and several more have resellers in different parts of the world but the lockdown, in the beginning, affected the supply to a high extent. Even after cutting the prices, these companies failed to acquire that profit which they were earning before the arrival of COVID 19 pandemic. It is interesting to know that TV companies from China came across the severe setback too. The disease brought the slowness in the manufacturing, cut down in the panel prices, less in demand etc. Taiwan based TV companies also came across the severe throwback by the pandemic and production capacity is also decreased. But if corona virus disease continues spreading globally, the consumer demand will be impacted for sure.
Impact of COVID19 on TV Industry spreads in the global markets such as North America and Europe will come across demand-side issues. People may not be able to take purchase decisions because of economic uncertainty and social interaction. It is apparent that several western countries are still not able to control the outbreak as efficiently as China has done. This will result into huge business disturbance and fall in demand. The loss in the sale of television may further affect the life of laborers as they are dependent on their monthly salary for leading their life and life of their family members.
One of the biggest reasons for a severe setback in TV industry is people are now watching online shows on several channels. People refer to watch TV shows on their already existing television sets. COVID – 19 pandemic also has hugely affected film and television industry as well. Many TV producers were forced to postpone the release of the shows. So this reason and many reasons similar to this affecting the TV industry. The lockdown period in the animation sector, the production of the film and television affected the workplaces. The production of the programs caused significant challenges to the film and television industry.
Towards the end: Some countries have raised the fund for films and television production as a relief to insurers. In other prominent countries, the government is taking a step to help the entertainment industry. Furthermore, companies producing televisions will also get a relief from the impact of COVID19 on TV Industry soon.
