React - Media & Entertainment
Certain media companies have thrived during the crisis. However, many others have realised that existing business continuity plans were incapable of dealing with the extended economic and business fallout of a worldwide pandemic, and the need to protect their employees’ health and safety during this time.
Some media companies have seen revenue streams dry up completely over extremely short timeframes. Careful financial forecasting and cost containment have been able to offset certain issues. However, cash flow and liquidity issues needed to be addressed quickly, often through funder support from private equity and banking relationships to restructure finances and execute on business recovery plans. Government support programmes have also provided support during the crisis as management seek ways to protect their companies.
Overall, thanks to agile, dynamic business models many media companies are in a strong position to pivot their services or solutions towards evolving customer preferences.