The coronavirus crisis has had a massive impact on companies across all types of sectors. Many businesses in various different industries are at risk of going bust despite the government support that is on offer in a lot of countries. But, curiously, not all firms are struggling right now.
It’s been boom time for some sectors.
In fact, the pandemic has been good for some businesses, some of which are profiting through little more than the sheer luck of being in the right place at the right time. Here are five digital sectors that are actually benefiting thanks to the crisis, despite its rising global death toll.
With most shops closed and people stuck at home due to lockdown conditions, it should come as no surprise to see ecommerce businesses are thriving at the present time.
Amazon has faced criticism for the way the company has treated some of its workers during the crisis, but the firm’s share price has been rocketing over the course of the past few weeks.
Revenues for Amazon were up by a whopping 26 per cent during the first three months of 2020, but chief executive Jeff Bezos – who is one of the world’s richest people – has claimed his company could actually lose money overall during the crisis.
“Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more in operating profit,” he said in a statement. “But these aren’t normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps a bit more, on Covid-related expenses, getting products to customers, and keeping employees safe.”
As a knock-on effect of the rising use of ecommerce sites, companies that are operating in the delivery and logistics industries have also seen a sharp spike in demand.
Online casino industry
Land-based casinos around the world have been forced to shut their doors due to COVID-19, leaving those who want to play games like blackjack and roulette having to go online instead.
With Las Vegas left as a ghost town due to casino closures, activity at some online casinos has seen a sharp rise as a result of people still wanting to gamble during lockdown conditions.
Those who are new to using online casinos should consider checking out industry portals to get all of the information and guidance they need about how to select a site to join.
Sports betting having been limited due to live action being cancelled has also led to people who usually bet on the big game trying out online casino options such as online slots instead too.
With people unable to meet their friends and family due to the lockdown, video conferencing apps have exploded in popularity during the coronavirus crisis.
Although some raised security concerns about the app, Zoom has become a lifeline for many. The video conferencing software is being used for everything from work meetings to virtual pub quizzes. Zoom has reported record revenues as a result.
Of course, Zoom is not the only app to have seen a large increase in its popularity. Houseparty, a mobile app that was previously used almost exclusively by young people, is now a firm fixture on smartphone home screens. Millions have downloaded Houseparty during the pandemic.
Research from Milkround – a graduate careers website in the UK – has even claimed that video conferencing might become the number one business communications tool, overtaking email.
“Gen Z and millennials are now benefiting professionally from their use of social media platforms,” said Georgie Brazier, graduate jobs expert at Milkround. “Despite not having as much experience in the workforce as other colleagues, they are leading the way during isolation by leveraging their innate, tech-savvy skill sets.”
Facebook is also getting in on the video calling action. The world’s top social network has launched Messenger Rooms, while Google has made its Meet service more accessible.
With the benefit of hindsight, there really could not have been a better time to launch Disney+. The new streaming service came out just as people were getting to grips with lockdown and parents have seized on Disney+ as a way to keep children entertained during the crisis.
The family-friendly site’s planned release of a filmed version of the popular Hamilton musical has been brought forward by a year to give people something extra to watch in lockdown.
Netflix also reported that it added over 15 million subscribers during the first three months of 2020, with its Tiger King documentary series among the most popular things to watch. Rival site Amazon Prime Video, meanwhile, has been snapping up the rights to show Bollywood movies such as the Vidya Balan film Shakuntala Devi in a bid to target the Indian market.
Some films that were set to be released in cinemas have been made available to stream instead. Universal is thought to have made $100 million from selling streams of its film Trolls World Tour with cinemas having had to close down due to the coronavirus crisis.