Like every other service industry that supported public gatherings and large social events, the staging and audiovisual industries have felt the enormous impact of COVID-19. A mass majority of events that require a crowd have been postponed or completely canceled. A prediction some experts have made based on the current data is that the US entertainment industry will likely lose $12 billion this year. The event industry appears to be shut down, in many respects, until the pandemic is under control.
As most folks reading this article will know, there is a substantial group of hard-working people who support the live entertainment industry. They are the very reason why a live concert, conference, convention, festival, or virtually any other type of gathering for entertainment is even possible. Imagine attending a performance of your favorite artist without microphones, loudspeakers, backdrop videos, graphics, and lights. Right. You can’t imagine it – because it doesn’t exist!
If you are an owner or operator of a company in the audiovisual and staging industries, then you’re likely thinking about different ways you can shift your business to fight the challenges we’re currently facing. Experts are assuming that more event cancellations, wage cuts, and massive layoffs from entertainment companies are coming in the near future. With such uncertainty surrounding the future of companies in the audiovisual and staging business sector, it’s a good idea to take advantage of any techniques available to help your company survive the near future, while setting yourself up to thrive in the long-term.
In this article, we’ll explore several valuable strategies that could help your company navigate the pandemic and be better equipped to make decisions about the future of your business.
Government and SBA Programs
Many companies were fortunate enough to receive government assistance during the first wave of this pandemic. Programs like the PPP, EIDL, and various SBA loans have helped keep many entertainment service companies afloat during the mandatory shutdowns. There have been reports and rumors that another round of assistance may be available soon, possibly in conjunction with the next wave of COVID-19 that appears to be sweeping through many states. It would be a good idea for small businesses to stay aware and act quickly if newer stimulus programs are introduced by both federal and local governments.
After the initial, immediate shock of event cancellations, many audiovisual companies began working with clients to create virtual events. If you haven’t begun transitioning to virtual service offerings, it could be a great idea to consider as you move forward in your business. Livestreaming is set to make a big impact on the entertainment world of the future and this could provide some amazing opportunities for those who incorporate the model into their business. Consider contacting your clients and visiting with them about the possibility of offering their customers live and recorded virtual events. It could be a great way to keep your relationships strong and your business at the top of people’s minds.
Responding With Proactivity
Our global economy is currently under the most significant duress it has experienced since it was established. The experts aren’t sure how the restrictions and public perception of social distancing will continue to affect folks attending concerts, theatres, and other live events. Will audiences respond to post-COVID-19 live events with the same tenacity they consistently displayed before? There is confidence that once a vaccine has been developed, things will return to a world that somewhat resembles the one we knew pre-pandemic. Regardless of the outcome, it’s critical to use the most current CDC guidelines while conducting operations during live events. It could be a great idea to proactively communicate with event management the various ways your company ensures a safe workplace.
In addition to proactive communication with event managers and creating a safe work environment, a smart response to this current crisis is maintaining communications with your clients, so that they return to using your company when the conditions allow. Remember, when restrictions are lifted and event spaces are re-opened, there will be a massive re-launching of companies, events, and services. Everything is going to happen all at once. Strengthening your relationships with current and past clients could be vital to helping your business thrive in the future. Think about working with your employees to connect with clients in creative ways that stand out from competitors and capture valuable attention.
Downsizing Or Selling Your Equipment
It may be valuable for a company to reduce inventory and sell equipment that’s no longer being consistently used, or isn’t able to generate the revenue it was once capable of. If you are planning to pivot your operations to a more virtual model, you might not need the extensive sound or rigging equipment you once did.
Overstocked soundboards, speakers, mics and stands, hoists, blocks, and other staging implements could be sold at a great value. If you’re thinking about downsizing or selling your used audiovisual or staging equipment, then you should definitely explore the solutions that Auction Masters is able to provide.
We make the process of selling equipment easy, working with our sellers to secure the prices that work best for them. Our audiovisual and staging equipment auctions are a fast, effective, streamlined method for selling the items that set the mood during concerts, conventions, live events, or theatrical productions.
Contact us at the phone number listed below to learn how we help businesses turn their audiovisual and staging equipment into cash. The team at Auction Masters takes great pride in working to pair every auction with aggressive marketing, so sellers reach the right customers. Rest assured, we work to find the most valuable buyers available for the purchase of your items. Contact us today to kickstart your used equipment auction in the Minneapolis area.