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Half of Media-Tech Companies Have Lost Revenue During Pandemic

(Image credit: Getty Images)

LONDON—New research reveals COVID-19 has taken a heavy toll on media-tech companies, with 82% reporting the pandemic has affected their ability to create new content since lockdowns began.

The research, conducted by Supernode, a worldwide community working to shape the future of media technology, found three-quarters of media-tech firms have been forced to change their focus or pivot. Fifty-four percent report having lost revenue since locking down, while 19% report an increase and 23% say there’s been no revenue impact. 

More than 75% also said the pandemic has had a “high” or “medium” impact on their ability to distribute content, it found.

There have been some bright spots, however. Consumer uptake of certain types of media, such as short-form video and mobile gaming have grown—up 35% and 25%, respectively, the poll of over 500 media-tech industry professionals revealed.

Further, more than half expect a return to normal economic activity by this time next year, the research revealed.

The poll found community-based platforms are leading uptake among consumers during the lockdown. TikTok and YouTube have done the best. Content related to exercising at home has been popular during the pandemic, with 20% of people using the content while working out at home over the past few months, it found. 

“It’s understandably an uncertain time for many businesses at the moment, and while some players in the media-tech space may be cautious about the outlook for the next few months, the medium to long-term outlook is a prosperous one,” said Gina King, managing director of Supernode.

More information is available on the company’s website