More than three quarters (76%) of video and creative freelancers have lost projects scheduled for the next three months.
This insight was uncovered in a report by SoundStripe, creators of royalty-free music. The ‘Creative Response: How Freelancers and Agencies are Adapting During COVID-19’ report surveyed over 300 freelance videographers. The survey asked respondents how they are dealing and adapting to the current challenging conditions.
The respondents specialized in different aspects of videography. 38% are dedicated to wedding videos, 63% to advertising and 11% to live streaming. Are further 15% of recipients focus on music videos and 32% on live events.
COVID-19 Impact on Videographers and Creatives
The report found that 50% of freelancers have stumbled into setbacks due to COVID-19 but have yet to lay people off. 24% of those interviewed said the pandemic has caused them to shut down their business.
The report makes important reading for freelancers and small business owners as it provides insight into how businesses are coping and staying afloat. It also provides inspiration on changes freelancers and small businesses can make to navigate and get through the crisis.
As Danielle Chandler of Christopher and Company TV, a San Francisco based video and photography studio, commented in the report.
“We created a livestream version of a client’s biggest event of the year by partnering with another video agency that specializes in livestreaming. In between each presentation we had a graphic with a countdown timer that told the audience who was up next.
“With companies having to cancel their live events, livestream events are in high demand right now. It’s just a small pivot in a new direction that has allowed us to have consistent work despite a huge slowdown in the economy,” Chandler added.
The study provides details about the current work situation for freelancer videographers. It found that just 9% had not been impacted in a noticeable way. 25% have had to close their business down and look for new work. 50% admitted the pandemic has created some setbacks.
Businesses Need to Adapt
The study highlights the need for businesses to adapt to these unprecedented times to create novel ways to maintain and attract customers. The main takeaways from SoundStripe’s research is the importance for freelancers to stay closer to clients than ever before.
Freelancers of every niche, not just videography, need to “think outside the box.” For example, with digital content consumption soaring, freelancers should look at developing products, services and packages they can sell online. This way they can still work and offer their skills and services to clients even during lockdown.
More in: Small Business Statistics
Ouch! This impacts not just the freelancers right now, but also the businesses that were using their services. They are likely cutting back on marketing, which will continue to hurt their sales going forward.
This is heartbreaking, but the fact that this also affects the performance of the venture that was using these services ad would lead to low turnover is much worse. That would lead to great economic slowdown.
Yes. More and more people are losing projects but there are also those who see this as an opportunity and grew.