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Covid-19 SMB Recovery: What To Expect From Entertainment And Beyond

As industries grapple with the weight of a pandemic, the return to business as usual will be easier for some and much harder for others.


To say the world has collectively been through the wringer in 2020 is an understatement. The beginning of a new decade has brought a fresh start, opportunities, and the weight of an unprecedented public health crisis, a major cause of individual stress and societal disruption.

On January 30, 2020, the World Health Organization (WHO) declared the coronavirus (Covid-19) outbreak a global health emergency. In an instant, life and business as we knew it would change for millions across the globe. Since then we have witnessed a tremendous level of suffering and growth during these challenging times in the face of sudden and long-term changes.

 

Pandemic SMB recovery will be easier for some, harder for others

The coronavirus pandemic has changed the world in many ways. Practically every aspect of life, in respective industries, has been impacted by the global health crisis and its ripple effect. As we seek a new path toward restored normalcy, in new forms, we will certainly return to our lives and businesses, fundamentally changed.

As industries grapple with the long-standing weight of a pandemic and the resulting impact, the return to business as usual will be easier for some and much harder for others.

It should come as no surprise that some industries will take years to get back to their pre-pandemic normal. Many in those industries are small businesses, and their recovery may take even longer, if at all.

 

Source: McKinsey & Company

 

The pandemic impact on media an entertainment

The entertainment industry spans the globe, thus the impact of a global pandemic has been brutal. No element of the arts, entertainment, and recreation industry was left unscathed, from the shutdown of a casino, to film/TV production sets, postponed music festivals, and theaters around the globe.

“The recovery phase will likely require M&E [media and entertainment] companies to have the determination to confidently move forward. But to thrive, companies may need to break old models and build new ones that support a return to growth,” according to Deloitte analysis.

 

What to expect moving forward

How can companies and leaders can reset for growth beyond coronavirus? This is the million-dollar question for many SMBs. While strategies will be unique, with everything disrupted, going back to the same old thing is a losing strategy. The strongest companies across industries are reinventing themselves. Industries

As countries prepare now for the largest simultaneous global public-health initiative ever undertaken with the distribution of a vaccine, industries (especially retail and entertainment) will undoubtedly welcome the possibilities for a less socially distanced future.

Our most beloved industries were hit hard, but like the human spirit, they too will persevere. It will take a collaborative effort and support as we pave the way toward a Covid-free future.

 

Craig Lebrau is the CMO of Media Insider, a Wyoming-based PR company that aims to disrupt the way companies communicate their brand in the digital era.

 

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Photo: Rawpixel.com, YFS Magazine
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