A new study of 500 media professionals within the media-tech industry has found 77 per cent say Covid-19 has had a ‘high’ or ‘medium’ impact on their business.
The research, conducted by Supernode, a global community that connects media technology startups, enterprise, and investors, found that 82 per cent of media-tech companies have reported an impact on their ability to create new content since lockdown began. A further 76 per cent said the pandemic had impacted their ability to distribute content.
Asked to what extent their company or division has had to re-focus or pivot as a response to the Covid-19 pandemic, 23.5 per cent of respondents said they have ‘significantly’ pivoted, with 50.5 per cent reporting they had changed their focus ‘a bit’.
Over half of those surveyed said the pandemic had led to a decrease in revenues.
However, over 50 per cent of those surveyed said they anticipate a return to economic normality by this time next year. Some companies are already starting to report the first shoots of recovery, with 19 per cent seeing an increase in revenue since lockdown began, and 23 per cent reporting no significant impact.
Gina King, managing director of Supernode said: “It’s understandably an uncertain time for many businesses at the moment and while some players in the media tech space may be cautious about the outlook for the next few months, the medium to long-term outlook is a prosperous one. Media tech has been pivotal in building communities during social isolation and has led to new creative trends and changing consumer habits emerging from a difficult period.”