Since the outbreak of the Covid-19 Pandemic and its swift spreading through India, the country has seen some severe implications in both everyday life and the national economy. It has been reported that the economy’s growth has stalled and is at an 11-year low of 4.2 percent, in comparison, the same period for last year had a rise of 5.7%.
This is largely stemming from negatively affected stock markets around the world, where major industries such as hospitality and retail came to a halt due to the lockdown, and we are seeing delays in supply chains affecting logistics and trade. Despite this, there are a couple of commercial industries that have gone largely unharmed by the negative impact of the pandemic.
While the Indian population is practicing social distancing, they are largely confined to their homes. Naturally, home entertainment services are seeing an increase in popularity. Online media entertainment services such as Netflix and Spotify are seeing an increase in digital subscriptions. Netflix has even developed a product extension for web browsers called Netflix Party, which allows people to have virtual movie nights with friends and family. Online gambling is growing, betting with real money on games with live dealers is on the rise as people are looking to add some social excitement to their everyday lives. In some countries, this has been flagged as a potential social issue, where the governments are stepping in to try and curb the sudden influx of new customers in companies providing these services. Another area of gaming that is doing good during the pandemic is the video game industry. Nintendo and it’s latest flagship console, the Nintendo Switch recently released a popular game named Animal’s Crossing, this game has become the go-to game for gamers in quarantine.
An obvious benefactor of the Covid-19 pandemic is the pharmaceutical industry. A lot of companies are participating in the race to develop a vaccine for the Covid-19 virus. Effectively, this area of business is receiving a lot of attention in the media and is benefiting from continuous outside investments to support the development of a vaccine. Many existing pharma companies are developing testing kits for the virus and protective medical gear such as face-shields, face masks, and plastic gloves. Companies involved with retail and consumer goods are also tapping in on new streams of revenue by re-purposing the production of clothes and shoes to manufacture face masks.
As public spaces have been forced to close, the habits of people have changed. This has created an increase in demand for home exercise equipment and fitness apps. This demand is expected to persist as there is a continuous looming fear in people’s mind, even though the lockdown has been loosened, about being in public spaces. Companies producing treadmills, weights, and other types of in-home workout products can thus expect to have a record year despite the Covid-19 pandemic.