Singapore – When COVID-19 struck, its catastrophic blow on businesses spared no industry. There are definitely sectors that are more hard-hit than others, but every business had a fair share of economic decline.
Amid the pandemic, one industry that has not been thoroughly checked on as others is the entertainment industry, and a survey by live events and entertainment company Branded revealed that senior executives are quite bullish on business despite having to deal with pandemic-induced disruptions.
The study captured the views of more than 60 movers and shakers, and C-suite decision makers in the entertainment industry. It found that 58% of bosses feel confident in the performance of the sector over the next six months, while 23% described their business to be in a current state of decline.
Executives also demonstrated continued optimism when asked about how long they expect the effects of COVID-19 to last on business. A large portion, 70%, feel that the perennial effects of Covid-19 will only last between one and two years, with just 17% feeling it will last from two to five years.
The study also revealed that smaller businesses, those with annual turnover of US$1m or less, feel significantly more bullish on their future market performance than larger businesses of US$6m or greater.
Jasper Donat, CEO at Branded said, “In a period that has totally uprooted the entertainment industry, it is now a challenge to judge what will be a temporary knock, and what will have a seismic impact for years to come. The survey does however reveal a forward-looking optimism from business leaders and a renewed commitment to purpose-led business.”
