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World Business Report
Russia is about to cut the gas flow through Ukraine
Dec 31, 2024
The imminent halt of Russian gas flow through Ukraine raises alarms for European energy security. The discussion shifts to the booming potential of technology and cryptocurrency in 2024. Meanwhile, Netflix thrives while cinemas struggle, showcasing a dramatic shift in entertainment consumption. The gaming industry faces a shakeup with recent layoffs, yet innovation continues as new avenues emerge. Live music is making a comeback, with artists capitalizing on touring. What could 2025 hold for these dynamic sectors?
26:28
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Quick takeaways
- The entertainment industry saw a decline in box office revenue due to fewer film releases and pandemic repercussions.
- Despite challenges, live music thrived in 2024, with longer tours and strong audience demand driving impressive revenue growth.
Deep dives
The Rollercoaster Year for the Entertainment Industry
The entertainment industry experienced significant fluctuations in 2024, characterized by a mix of successes and setbacks. Despite certain blockbusters like 'Inside Out 2' and 'Deadpool 3' achieving remarkable box office results, overall global box office revenue fell to $34 billion, down from $42 billion in 2019. The industry still grapples with repercussions from pandemic shutdowns and Hollywood strikes, which reduced the number of film releases by 25%, subsequently affecting theater attendance. The CEO of Vue Cinema indicated that the decrease in film supply directly correlates with declining box office numbers, which remained below pre-pandemic levels due to the limited offerings available for audiences.
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