Revenue / 09.23.20

How the Shutdown of Live Events Severely Impacted Multiple Industries

Access Staff

Forbes (09/22/20) Wertz, Jia

The pandemic's shutdown of live events has wreaked havoc on businesses across multiple industries, as many companies depend on live events and pop-up venues at major festivals for brand recognition, influencer alliances and advertising revenue. The music industry's closure for the foreseeable future compounds uncertainty for artists that relied on live shows for their income, while the media industry, especially independent outlets, is suffering heavy losses in advertising revenue from live events. "We had to stop our live events in March and those represented most of our advertising revenue on a month to month basis," explains Grit Daily Managing Editor Juila Sachs. Businesses that were already embracing a remote work environment before the pandemic made it unavoidable, like Shopify, have a competitive edge. "We're in a really lucky position," says Sachs. "We were 100% remote prior to the pandemic so transitioning to a work from home operation wasn't something we ever had to deal with. I do think that helped us stay somewhat normal, so to speak, at this time."

Read the full story from Forbes. 

Tags: News , COVID-19 , Coronavirus