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When will consumers start returning to movie theaters and live events at pre-pandemic levels — and what does it mean for the toy and licensing industries?
The Licensing Industry Charts Its Post-Pandemic Course By Martin Brochstein | Licensing International
What now? The underlying strength of the licensing business is unquestioned, with companies of all sorts showing a creative willingness and eagerness to adapt the model to new business categories and opportunities. COVID-19 changed none of that. If anything, it spotlighted companies’ ability to adapt to new circumstances, even as many of the assumptions and underpinnings of normal business practices were upended by the global disruption — all these combined to produce a year like no other. For the licensing business — as well as for the consumer products and services business in general — the outlook is positive. Vaccination rates in many (if not most) major economies around the globe are steadily increasing, government-mandated health restrictions are being relaxed, and businesses such as physical retail, cinemas, theme parks, and in-person
attendance at sports events — all drivers of sales of licensed products — is moving toward “normalcy.” But the definition of “normalcy” may have been transformed in ways both large and small, and companies’ ability to recognize those changes and the pace at which they are being adopted, and to factor them into their businesses, will be a key determinant of success. Says one brand owner earlier this year, “I don’t expect 2021 to be a magic turnaround year, I think it is going to take more time to get things back to a new normal. My biggest question is, when will people go to live events again?” But even among the dour forecasts and predictions, there’s an overriding sense of cautious optimism among most of the respondents. “We’re anticipating conservative growth through 2021 and working to
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