Despite economic and industry uncertainty, entertainment industry executives are feeling confident for a rebound, according to a new study by Branded.
Nearly three quarters of respondents (70%) feel that the perennial effects of COVID-19 will only last between one and two years, with just 17% feeling it will last between two and five years. Furthermore, although 23% of respondents described their business as in a current state of decline, 58% feel confident in the performance of the sector over the next six months.
The survey conducted by the live events and entertainment company also found that smaller businesses (US$1m annual turnover or less) feel significantly more bullish on their future market performance, than larger businesses of US$6m or greater.
“In a period that has totally uprooted the entertainment industry, it is now a challenge to judge what will be a temporary knock, and what will have a seismic impact for years to come. The survey does, however, reveal a forward-looking optimism from business leaders and a renewed commitment to a purpose-led business,” said Jasper Donat, CEO at Branded.
Despite an optimistic outlook for the future, many survey respondents reported a recent deterioration in mental health, with more than a third stating an overall decline in the last six months. However, two thirds of respondents reported good levels of current mental wellbeing.
In recent months, senior executives are more mindful about wellbeing and purpose-aligned business practices. This corresponds with another finding from the survey, which demonstrates that work-life balance ranks in top place among senior executives’ priorities more often than career development or salary.
When asked what else mattered in terms of their career, senior executives felt strongly about creating a meaningful impact on society, creative stimulation, and the health and wellbeing of their network.
Branded surveyed more than 60 industry executives and C-suite decision makers who have significant influence in the entertainment industry.
Sourced from Branded