Almost a third of IMAA members have recovered from COVID-19 financial impact
Almost a third (31%) of Independent Media Agencies of Australia (IMAA) members have financially recovered from the impacts of COVID-19, according to the body’s second member survey, conducted in November.
Out of the agencies that have not yet recovered, 47% said they plan to be financially sound by the second quarter of 2021, and 11% forecast returning to profitability by the third quarter.
In addition, almost 90% of member agencies said they plan to make new hires this year, despite two thirds of members acknowledging the pandemic had impacted revenues by up to 50%.
The IMAA’s foundation members at its launch event early last year
“The Pulse Survey shows the resilience of the independent media agency sector,” the IMAA’s general manager, Sam Buchanan, said.
“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.”
Working from home will continue according to just under a third of respondents, but almost half (46%) have returned to the office and an additional 7% expect to be back in the office early this year.
The survey data reflects a similar sentiment to that uncovered by the first Pulse Survey, conducted in June last year after the IMAA’s launch in February. In that inaugural survey, more than a third said client spend would increase.
The new data revealed connected TV, Broadcast Video On Demand, and digital as the top three channels for year-on-year growth this year, according to IMAA members.
Since its launch early last year, the IMAA has hosted webinars, added 50 new members in addition to its foundation agencies, formed an alliance with The Network One, rolled out a national advertising campaign through a partnership with Australian Radio Network (ARN), and signed on media partners such as EMX, Kargo, Spotify and Quantcast.
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Brittney Rigby was Mumbrella's deputy managing editor - news and analysis. She left Mumbrella in April 2021.
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