The entire period has been extremely stressful. The pandemic has substantially dried up our streams of income. We have had to be practising proper financial management and utilizing our pools of savings to carry us through the period. However, at some point, the savings will dry up as there is no income to replenish the savings being used. The long- term impacts of the pandemic in the entertainment industry will affect different businesses in different ways.
A business like ours that doesn’t have a lot of overhead costs; such as renting an office space or paying specific utility bills, would not experience the same kind of impact as entertainment business that do have those monthly overhead costs. But, a lot of entertainment industry players do live paycheque to pay cheque and therefore are not able to save that extensively from their gigs and therefore require a continuous influx of jobs to be able to provide for themselves and their families. This pandemic has forced us to take the time to sit back and do some introspection in order to create a plan moving forward.
There are a lot of people who may be forced to explore other forms of income in order to meet there needs as I think this pandemic may be with for at least another year at minimum. With no immediate end in sight for the coronavirus, the effects on the entertainment industry shall be many and varied. The survival of many entertainment players will be dependent on their ability to either find creative ways to maintain a steady stream of income during these uncertain times; find alternative forms of income in other industries through diversifying their service delivery or fall back on contingency funds while they re-strategize their operations. Otherwise, many businesses may be forced with the reality of discontinuing their operations. No matter how the industry may respond to their respective challenges, we hope everyone will find a way to survive this pandemic.
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The entire period has been extremely stressful. The pandemic has substantially dried up our streams of income. We have had to be practising proper financial management and utilizing our pools of savings to carry us through the period. However, at some point, the savings will dry up as there is no income to replenish the savings being used. The long- term impacts of the pandemic in the entertainment industry will affect different businesses in different ways.
A business like ours that doesn’t have a lot of overhead costs; such as renting an office space or paying specific utility bills, would not experience the same kind of impact as entertainment business that do have those monthly overhead costs. But, a lot of entertainment industry players do live paycheque to pay cheque and therefore are not able to save that extensively from their gigs and therefore require a continuous influx of jobs to be able to provide for themselves and their families. This pandemic has forced us to take the time to sit back and do some introspection in order to create a plan moving forward.
There are a lot of people who may be forced to explore other forms of income in order to meet there needs as I think this pandemic may be with for at least another year at minimum. With no immediate end in sight for the coronavirus, the effects on the entertainment industry shall be many and varied. The survival of many entertainment players will be dependent on their ability to either find creative ways to maintain a steady stream of income during these uncertain times; find alternative forms of income in other industries through diversifying their service delivery or fall back on contingency funds while they re-strategize their operations. Otherwise, many businesses may be forced with the reality of discontinuing their operations. No matter how the industry may respond to their respective challenges, we hope everyone will find a way to survive this pandemic.
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