The Impact of the COVID-19 on the Media Industry: Evidence from China

Abstract

The COVID-19 pandemic has had a severe impact on the global economy. Under the influence of the global pandemic, all industries are facing enormous challenges and tests. This article starts from the media industry, adopts the VAR model and the ARMA-GARCH model, comprehensively considers the overall performance of the media industry during the pandemic, and systematically analyzes the effect of the new COVID-19 pandemic on the media industry. However, the pandemic has had a substantial long-term impact on the media industry globally. The study found that the impact of the pandemic on China's media industry is relatively small. At the same time, from a short-term perspective, the COVID-19 has a negative shock effect on the stock market's volatility, but this relationship does not exist in the long term. Based on the conclusions, this thesis also explores the implications that different market roles can gain from this article.