Due to the pandemic, the whole world has come to a halt. Cinemas and television advertising markets have been hardest hit by pandemic lockdowns while streaming services have surged, finds the European Audiovisual Observatory. The coronavirus pandemic will result in around €10 billion ($12 billion) in lost revenue for Europe's audiovisual industries this year, as per the estimates in a new report by thinktank the European Audiovisual Observatory.

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Gilles Fontaine, author of the report states that the economic effects of COVID-19 have created "a perfect storm" with revenue falling across all areas of the media sector, with the striking difference of online streaming services. Overall, the report concludes that total revenue across the television, film, and home video sectors in the 27 markets of the European Union will amount to €80.9 billion ($95 billion) in 2020, compared to €90.8 billion ($107 billion) last year. Fontaine sees some recovery in 2021 but is still anticipating overall revenue of €85.2 billion ($100 billion), significantly less than the sector created in 2019. 

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Unsurprisingly, cinemas and commercial television stations —the latter hit by a sudden drop in advertising revenues when most of Europe went into COVID-19 lockdown in March have borne the brunt of the losses. The report estimates TV advertising in the EU will be down 20 percent year-on-year in 2020, and the cinema box office will fall a precipitous 70 percent compared with 2019 figures.  In contrast, subscription video-on-demand revenues in Europe are forecast to jump 30 percent this year and pick up pace in 2021, with Fontaine estimating a further 60 percent increase.  

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