AT&T President John Stankey predicts that the coronavirus will alter consumer behavior permanently, beyond media companies like AT&T. He released a statement that he believes that coming out of this pandemic, we will not return to our previous notion of “normal”. He said, “We are going to return to a different economic environment, we are going to return to different business models.”
As for his own industry, Stankey stressed that connectivity is vital during this pandemic. Connectivity has allowed for the maintenance of some normalcy. He said that in a time of much uncertainty, “people are resonating with an opportunity to spend their time looking for great stories and emotional attention and distraction during some very difficult circumstances.” He did concede that there will be changes in digital and streaming industries as well.
He does not see a return to retail space and major movie theater screenings for many consumers. He predicts that there will have to be new innovations to present stories and entertainment to consumers without the help of the big screen.
While some industries will see a more drastic adaptation than others, it is inevitable that industries will have to adapt in a new economic and consumer landscape.
Article Link: https://www.cnbc.com/2020/04/01/atts-stankey-consumer-behavior-will-be-changed-from-coronavirus.html