The pandemic's toll on media: $13 billion estimated costs, losses - Business Insider

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Inside one of the worst years in media history, with $13 billion in value lost and nearly 30,000 jobs cut

and start reading now.

Moreover, COVID-19 has altered the power structure of Hollywood, with studios now taking a back seat to those in charge of streaming video ventures.The coronavirus pandemic took a $13 billion-wrecking ball to big media, according to an analysis of earnings reports and transcripts by Business Insider using Sentieo Inc.

Disney has shed thousands of employees at parks, suffered from widespread sports cancellations, and had to scrap big-budget movie releases, which were shifted to its streaming service Disney+ as the pandemic spread across the globe. At Comcast, the pandemic's $1.8 billion impact was mainly reflected in year-over-year adjusted EBITDA declines at subsidiary NBCUniversal's theme parks and revenue declines at the filmed entertainment unit.

Essex, who is also a board member at cinema business IPIC Entertainment, continued that former revenue producers "have been sent to the back of the bus," a reference to big media companies making content units serve the success of their streaming services.

 

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Who knew that unconstitutional business shutdowns would hurt businesses?

Hopefully it forces them to actually reassess the 'greenlight' process.

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