There is a generally confident feeling in the digital media and marketing industry around their revenue prospects, despite the impact of the COVID-19 pandemic. According to research from Bluestripe Group and New Digital Age, 64 per cent of industry executives think revenues will increase over the next 12 months, while 18 per cent believe revenues will be up by more than 50 per cent.
The survey of 101 UK digital media and marketing executives also found that, despite recession (90 per cent) and second wave (56 per cent) fears, 68 per cent expect staff levels to increase or stay the same and 73 per cent believe wages will increase or remain the same.
“This industry has always been resilient and our findings back that up. I'm encouraged by the views that revenues will increase and that many believe that increase will be significant,” said Andy Oakes, Managing Director at Bluestripe Group. “That being said, it is still vital that the industry keeps communicating and keeps telling clients and the wider market about the great work it's doing.”
One area where respondents expect to struggle as a result of COVID-19 is diversity. 57 per cent feel the pandemic will make diversity harder to achieve because of how difficult it now is for new talent to enter the industry. Meanwhile, a little over 40 per cent are concerned that no money will be available to fund diversity initiatives.
Elsewhere, the coronavirus has transformed the way many people work and it’s likely that those new approaches to work are here to stay. Just five per cent of respondents expect their staff to be in the office four or five days a week, compared to 82 per cent who expect people back in two or three days a week.