Apr 15, 2020Entertainment & Media, Finance
COVID-19 has had an unprecedented effect on the entertainment industry, particularly compared to prior recessions. Studios have halted or delayed production on televisions shows and movies indefinitely, resulting in mass layoffs and/or salary cuts, live tours and concert tours have been cancelled, and movie theaters have shuttered. In particular, the movie industry, which many have considered “recession proof” as a relatively inexpensive means of escape, has and will continue to suffer enormous losses as movie theaters remain closed and studios pull release dates on their biggest summer blockbusters.
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