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.
Moore Kingston Smith
We are the only firm of accountants and advisers with a dedicated office of over 100 media specialists that proactively support the extensive range of needs of independent media businesses – covering marketing services, film & TV and entertainment, theatre and createch.
We know it’s not just about the numbers. As well as providing accountancy, tax and corporate finance services, over the years, by working with some of the industry’s most successful companies, we have developed a deep understanding of what drives media businesses. As your trusted advisers we use this experience to work in partnership with you to help maximise your growth and profit potential. We conduct extensive research into industry performance every year with a view to understanding not just the benchmarking data, but also identifying what the best performers do to achieve exceptional results. Our well-developed structured approach to our strategic advisory services helps you effectively manage risks, build revenues, attract and engage people and identify key opportunities to improve performance and enterprise value.
All this means we are well placed to support you throughout the whole of your business lifecycle:
- Start up and small businesses – let our one stop shop approach take care of all your needs, including set up, company secretarial, legal, outsourcing, payroll, accounts and tax
- Growing and mature businesses – we can support you as your business grows with our award winning technology enabled audit approach, accounts preparation, tax compliance and advisory services such as HR and employee incentives
- International – we can leverage off of our membership of Moore Global – a network of accountancy and advisory firms in over 100 countries, to take the pain out of expanding into unfamiliar territories. We can co-ordinate your international audit requirements, and advise on international tax
- Exit planning – our media specialist award winning M&A team, with hundreds of transactions under their belt, will ensure you are well prepared for any transaction and maximise the proceeds from the value you have created within your business
We have hundreds of clients across the media sector who all benefit from our very personal partner led approach, providing the very best guidance, expertise and specialist sector insights.
In short, we’re more than just accountants who count your numbers – we’re business partners whose ambition is to help you grow your numbers so that you realise your fullest potential.
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