The damage done to Hollywood by COVID-19 is just beginning, and will hasten the decline of theatrical moviegoing, TV advertising, pay-TV and other longtime features of the landscape, according to a sweeping new report by Wall Street analyst Michael Nathanson.
The analyst at MoffettNathanson reflected in the 25-page report on fallout from previous recessions over his 20-plus years as an analyst. He noted the demise of the CD, the DVD, radio ad growth and print ads all resulted from economic crisis. “Economic recessions act as an accelerant for evolving shifts in consumer and corporate behavior,” he wrote. “When facing unplanned declines in revenue, spending decisions have to be quickly re-examined as individuals and corporations re-assess the relative money for value hierarchies in their world.”