Road to recovery: Indie agency alliance predicts revenue and workforce bounce back in 2021
A bounce back in revenue and staff count is on the cards for indie agencies in 2021, with 90% of the Independent Media Agencies of Australia’s (IMAA) members expecting to bolster its workforce and 31% reporting full financial recovery after a tough 12-months.
According to its second Pulse Survey of its members, almost half (47%) said they expected to financially recover by Q2 2021, with another 11% predicting a return to profitability by Q3 2021.
Almost two-thirds of indie shops reported revenue declines by up to 50%.
The survey also showed working remotely is set to be the “new normal” for almost a third of agencies, with 32% saying working from home was now part of their work arrangements.
However, nearly half the agencies surveyed (46%) had returned to working from their offices, with a further 7% expected to go back early this year.
The Pulse Survey was conducted among the IMAA’s members in November 2020 to gather feedback on market conditions. The survey is conducted twice-yearly among members. The inaugural Pulse Survey in June 2020 revealed a similar sentiment among agencies on their COVID-19 recovery, with more than a third expecting client spend to increase.
“The Pulse Survey shows the resilience of the independent media agency sector. Although many of our members were, like the rest of the industry, hit hard by the pandemic and reduced client spend, we have found they are bouncing back quickly and looking ahead to a more successful 2021,” IMAA General Manager, Sam Buchanan, said.
The latest survey data also showed 2021 is set to be a big year for CTV/BVOD, digital and Out-of-Home, with respondents nominating these media channels as their top three predictions for advertising growth year-on-year.
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