The global post production market accounted for $16,398.8 million in 2018 and is anticipated to grow at a CAGR of 5.7%, reaching $25,463.6 million by 2026.
The post production market has witnessed an exceptional advancement over the previous years. But, due to the sudden growth of the COVID-19 pandemic in 2020, the market has witnessed a major downfall. This downfall has been observed due to the lockdown scenarios that are being faced across the globe. In the majority of the countries, the movie production came to a halt, due to this outbreak. Due to this, huge revenue transactions are in pending state. The postproduction market is expected to grow at a faster pace after the COVID-19 pandemic is under control.
|Realtime BPS||*Estimate market Size, 2020,
|**Real Time market Size, 2020,
|4.4%||5.7%||129||USD 18,237.9 Million||USD 8,207.1 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The top movie making houses such as The Walt Disney, AT&T, Comcast, Sony, and MGM invested huge amounts in the post-production stages, by incorporating the latest technologies. For instance, in July 2018, Walt Disney announced the launch “StudioLAB” which is a new creative space that will enable filmmakers such as Disney Live-Action, Walt Disney Animation Studio, Pixar Animation Studios, Marvel Studios and Lucasfilm to collaborate and work on the latest projects. The StudioLAB will enhance these filmmakers by providing them with Virtual Reality (VR), artificial intelligence, and mixed reality experiences.
The adoption of the cloud in post-production stage has created better growth opportunities for the post production market. However, the operational procedures of post productions are complex and time-consuming; the growing demand for the high graphics and 3D picturization along with a lack of highly skilled professionals in this market. These key factors are anticipated to hamper market growth shortly.
The COVID-19 pandemic has impacted the post production market severely. This life-threatening disease has brought the entire film industry in a standstill state, which has greatly impacted the revenue generation. All the small and medium businesses which are directly dependent on the entertainment industry have been affected drastically.
Millions of workers have been affected widely who work on both sides of the front of the camera and behind. The number of various other jobs are also at risk that is directly or indirectly related to the post production industry.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
As per a study by Research Dive the post production market is expected to recover to its profitable state by the end of Q1/Q2 of 2023. Due to this pandemic, many key players have postponed their respective movie release dates as the post production works such as 3D effects, graphics have been kept on hold. For instance, Walt Disney Studios has pushed the dates of its most awaited movie “Doctor Strange in the Metauniverse of Madness” to 25th March 2022, which was announced to be released on 5th November 2021.
Some of the production companies such as NBCUniversal have come up with a solution to rent new movies online early on various streaming services such as Netflix, Amazon Prime, Hulu, Xfinity, and many others. This will be done by launching the movies for 24 hours on a rental basis. However, this idea can be proven wrong if the COVID-19 pandemic situation improves with the invention of an appropriate vaccine, as these companies will have to face huge losses as compared to the screening of these movies in the market place.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-Term and Short-Term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Post Production Market , due to the impact on its extended ecosysytem
- Understanding the market behavior Pre- and Post-Covid-19 pandemic
- Startegy suggestions to overcome the nagative impact or turn the positive impact into the opportunity