The dust is yet to settle on the economic impact of the coronavirus pandemic all over the world, and one sector that is obviously affected is the entertainment industry. Ironically, the significance of this sector as an essential service industry is being underrated. You would agree with me that one way to cushion the effect of depression and anxiety in a period like this is through one form of entertainment or the other.
Kudos to Copyright Society of Nigeria for responding to distress calls with a N50million emergency relief fund for about 4,500 members on the society’s register. While we celebrate COSON that has managed to stay afloat in view of the tough terrain of the Nigerian creative industry, the number of beneficiaries cannot represent 20 percent of musicians in the country, let alone the entire creative economy.
According to Hollywood Reporter, the global box office has already taken a coronavirus hit of at least $7 billion. If the remainder of March, April and May are included, lost revenue would climb another $10 billion, making a total loss of approximately $17 billion. And if the crisis continues beyond May, all bets are off.
Nigerian filmmaker Madu Chikwendu raises a pertinent concern in a piece of March 29, 2020 titled Covid-19, The Creative Industry and Looming Recession, saying: “If we were the poverty capital of the world before Covid-19, what would Nigeria be after Corona?