Economic Impact
The UK, along with many other countries around the world, has seen a sharp drop in their GDP, with record falls in output in construction, production and services.
In regards to the creative industries, research has been commissioned by the Creative Industries Federation, and they have found that ‘400,000 jobs are set to be lost in the UK’s creative sector in 2020 due to the Covid-19 pandemic’. They forecast a decline in revenue of £74 billion in the UK’s creative industries in 2020 - £1.4 billion a week.
Now more than ever, businesses are all trying to keep their heads above water, so it is understandable that their marketing budgets have been tightened, squeezed and slashed, leaving little budget for services such as video.