Reports Critical Developments

Recovery Economics Post-Lockdown Innovation

Mark Mulligan, Tim Mulligan, Karol Severin, Alistair Taylor and Keith Jopling
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The 20,000 Foot View:            social distancing measures caused unprecedented dislocation to the entertainment economy. With a recession now a question of ‘how bad’ rather than ‘if’, entertainment companies have to adapt their businesses and identify new partners to maximise opportunities in the post-lockdown era. This requires a detailed understanding of how the underlying user-need states of their customers changed during lockdown, how these changes will in turn evolve, and how they can meet this new demand. This report is the first of MIDiA’s Recovery Economics research in which we explain how entertainment businesses can navigate the choppy waters ahead.

Key insights:

  • There are            key post-lockdown scenarios: Bounce back;            back; short-term recession; long-term recession            all will be defined by            emergence of a new normal 
  • Lockdown created            need states, voided some new            and reduced others
  • Lockdown revealed            vulnerability of entertainment’s boredom dependency            audiences consuming ‘good enough’ convenient,            back content
  • Home-based working            mean less commuting, less boredom,            lean-back consumption – engagement will            passive consumption
    •            of consumers are nervous about reengaging in leisure activities, more than are interested in restarting any individual entertainment activity 
  • MIDiA’s '            coefficient' rates the post-lockdown outlook            entertainment across need state, supply            consumer confidence and monetisation
  • Wellness /            live streamed events, audio books            kids content score highest, physical            sales, live music and live            the lowest
  • The four            of Recovery Economics are: meet            need states, adapt to lifestyle            maximise consumer confidence, adjust for           
  • Entertainment companies            thus aim to bounce forward            back, building new propositions and            models for the new normal