Earlier this year, shortly after the Coronavirus pandemic began to affect the economic fortunes of businesses, we surveyed the media and marketing services industry to gather views on the likely effect on financial performance. We also asked to what extent the wide range of government support available was being taken advantage of by the industry.
As was expected, the Coronavirus pandemic had a wide-reaching impact on the media industry. For most, revenue levels were hit dramatically and quick measures were taken to cut costs and preserve cash. People is one of the key areas where media businesses took swift action and some 85% took advantage of the government furlough scheme. Many implemented pay cuts and shorter working weeks.
In our second Coronavirus survey, we give an update on sentiment on financial performance as well as some additional views on how agencies are thinking about getting people back to work, remote working and strategies for longer-term success.
We hope you find the results insightful and helpful during these unprecedented times.
If you have any questions or would like to discuss the results further, please do get in contact.