The COVID-19 pandemic has taken a hit on several businesses by declining its revenue, profits of various industries since they suspended the operations when they declared a nationwide lockdown across several parts of the globe. Multinational Organizations never anticipated such a crisis would hamper their businesses to such an extent and they were not even prepared for a plan B.
Business 1: Online Streaming Companies: Amazon prime, Netflix, HotStar
The lockdown has shut more than 9,500 theaters impacting the film industry. People are not allowed to go out of their house, so the only resort for them is online streaming apps. People who are neither concerned with staying smart and slim nor acquiring new craft skills, but are utilizing the best chance to just slump on the sofa and watch movies and series.
The releases of movies have either been postponed or are canceled which is causing harm for this entertainment industry. Despite the overwhelming restrictions and lockdown rules, the film industry has decided to release some of the upcoming movies on OTT channels.
As far as Hotstar is concerned, it has signed up to launch 8 Bollywood movies out of which one has already been released. The movie Dil Bechara gave such a boost to Hotstar’s downloading rate. Over 95 million views have already been recorded for that movie in the first 24 hours of its release. So just imagine what the other 7 movies are going to contribute to Hotstar’s success.
on the other hand, has seen a tremendous surge in the number of its subscriber this year. According to researches, over 16 million people created accounts in the first three months of the year that can be considered as nearly double the number of new sign-ups seen by the company in the final months of 2019.
According to e-Marketer analyst Eric Haggstrom, "Netflix is and will continue to be the media company least impacted by Covid-19, its business is a near-perfect fit to a population that is suddenly housebound."
Business 2: Online E-Learning Platforms: WhiteHat Jr, Coursera, Udemy
The pandemic crisis has opened up opportunities for several E-learning platforms to encourage candidates to upgrade their skills. They have been promoting continuous learning opportunities for students and candidates who are willing to upskill their existing knowledge with the help of such platforms. A company like WhiteHat Jr that teaches ‘coding’ to kids has doubled its growth in the past two months. They are also providing jobs to the ones who are proficient in coding and are willing to teach. Before the pandemic, the company witnessed over 40-50% growth which has grown tremendously post lockdown.
Business 3: Start-ups focusing on agriculture and rural economy Startups that focus on the basics of human needs or the bottom of the pyramid are facing huge demands in this crisis. Moreover, the Government’s initiative to provide financial help to farmers, low wage earners, direct benefit transfer beneficiaries have given a positive rub-off on such businesses.
Agriculture-based start-ups companies like Ergos and Agrostar have been growing well over the past months. Ergos, a Bengaluru-based start-up provides micro-warehousing services for over six districts in Bihar. They have witnessed almost 6,000 new registrations this harvest season.
“We’re currently overloaded with demand. Over the next one year, we’ll try to expand our operations to UP, Odisha, Madhya Pradesh, and West Bengal,” says Kishor Kumar Jha, founder of Ergos.
Business 4: Home fitness apps and workshops
Since gyms are closed, all the trainers have either started their own fitness business by promoting it via apps or social media accounts.
Quarantining has spread awareness to be fit and healthy. People are downloading fitness apps like Healthify Me, Sweat, and fitness for men/ women that not only charts out the monthly workout plans but also helps them keep track of the amount of calorie intake per meal per day.
Business 5: FinTech Businesses – Paytm, Google Pay, Truecaller Pay
Coronavirus not only restricted people to stay inside their houses but also obligated them to use online payment platforms wherever they had to make a transaction. General stores got in QR code scanners and encouraged their customers to avoid cash transactions and move to online digital payments.
Internet banking also got a big boost in this pandemic crisis. People were avoiding long queues of ATM and banks and were opting for online internet banking transactions.
Business 6: Delivery services – Zomato, Swiggy
Consumers are afraid to leave their homes and are advised by the government to avoid exposure to the outer environment especially if it is a containment zone. During the crisis, delivery services and also food delivery services have stepped up to make sure groceries and other essential goods are delivered to people at their doorstep and helping them to the maximum.
Companies like Zomato, Swiggy are doing their best to contribute to society and also keep the jobs of all the delivery executives intact. They are providing all the essential sanitization items to their employees and are making sure they are fit and healthy before employing them.
Business 7: E-Pharmacy Start-ups – Medlife, 1mg, Pharmeasy
E-pharmacy has become the sole resort of customers under lockdown to keep themselves away from this virus. Online pharmacies in India are providing contact-less delivery of medicines and sanitization items like masks, disinfectant sprays, sanitizers, hand wash till the customer’s doorstep. They are also offering online prescription services with their registered set of doctors. More and more people are taking advantage of these services offered and are buying medicines and essential supplements from time to time. These pharmacy platforms analyze large amounts of consumer data that can be very useful for planning various public health policies.
Business 8: Pharmaceutical companies
The entire world now is focussed on preparing a vaccine for this virus. Various pharmaceutical companies and institutions have already entered phase 3 of vaccine trials. Till that time other pharma medicine production companies are preparing themselves for mass production of these vaccines once they are out in the market for launch.
A company like Glenmark had launched a new medication for COVID Patients who were diagnosed with mild symptoms with one tablet worth Rs 103 which is now down to Rs 75. Other companies are producing other essential medications like Hydroxy Chloroquine, Zinc, Multivitamins that are currently been given to the patients.
Business 9: Health insurance industry: Star Health, ICICI prudential, Royal Sundaram
Post pandemic a cloud of fear hovered over people seeing the amount that goes in treating the patients. Hospitals are charging high and the government institutions and hotels are charging them for quarantining the immigrants and expatriates.
Seeing all these expenses everyone is availing health insurance and paying premiums over premiums to avoid lakhs of worth expenses.
Business 10: Video conferencing to facilitate WFH : Zoom, Skype, Google Duo
Although video conferencing was used before, the full utilization started after the inception of the pandemic. All the companies found it necessary to make their employees work from home. The source of communication was via video conferencing. It has never been more useful.
Since then, share prices in Zoom have increased and skyrocketed. Microsoft Teams, Google Meet, and Skype are experiencing a huge increase in demand.