Creative industries adapting and innovating business strategies amidst COVID-19 pandemic's impact on content production
In a policy brief titled "Business model disruption and innovation during COVID-19 in the creative content industries", Claudia Burger, Policy Insights Manager, explores the impact of the pandemic on traditional business models within the creative sectors and the necessary adaptations that have emerged as a result.
The virtual industry panel, held in June 2020, brought together industry experts from film and TV, visual effects, museums, galleries, theatre, music, and dance to discuss immediate changes required to operate during the pandemic, industry, government, and research support, and new business models for the mid-term in response to COVID-19.
The brief underlines that the pandemic has caused closures of venues and canceled events, forcing creative enterprises to rethink their strategies. This shift has predominantly involved embracing digital platforms and new monetization approaches.
The policy brief reveals that the creative industries have experienced significant short-term losses due to lockdowns and social distancing. However, it also highlights innovation-driven opportunities. Many artists and companies have rapidly adopted livestreaming, digital sales, and alternative revenue models to compensate for lost traditional income. This not only helped sustain livelihoods during the pandemic but also created lasting changes in how creative content is produced, shared, and consumed.
The study, published on September 3rd, 2020, and referenced as Burger (2020*), was conducted by consulting Industry Champions - trusted and respected practitioners from various creative industries across the UK. It examines international trade in the UK creative industries, drawing on UK Trade data.
The brief concludes that while COVID-19 posed severe challenges, it also catalyzed business model innovation within creative content industries, fostering agility and digital transformation that could shape the sector's future resilience and growth.
The study discusses various experiences shared during the panel, including moves to home working, increased digital audience engagement, working with communities with low digital access, and the closure of theatres and galleries. It also explores the implications of the COVID-19 pandemic for the medium and long term in the creative content industries. However, it is important to note that the study is not specific to a geographical location and does not discuss new business models being developed.
For those seeking direct access to the brief, consulting specialized databases or the publishing institution's website is recommended.
- Claudia Burger's policy brief, titled "Business model disruption and innovation during COVID-19 in the creative content industries," analyzes the impact of the pandemic on traditional business models within the creative sectors and the resulting adaptations.
- The virtual industry panel, in June 2020, focused on immediate changes required to operate during the pandemic, industry, government, and research support, and new business models for the mid-term in response to COVID-19.
- The brief highlights that the pandemic has caused closures of venues and canceled events, leading creative enterprises to rethink their strategies and embrace digital platforms and new monetization approaches.
- The policy brief reveals that the creative industries have suffered significant short-term losses due to lockdowns and social distancing, but it also identifies innovation-driven opportunities.
- Many artists and companies have rapidly adopted livestreaming, digital sales, and alternative revenue models to compensate for lost traditional income, as indicated in the study published on September 3rd, 2020 (Burger, 2020*).
- This shift not only helped sustain livelihoods during the pandemic but also created lasting changes in how creative content is produced, shared, and consumed.
- The study consulted Industry Champions - trusted and respected practitioners from various creative industries across the UK - and examined international trade in the UK creative industries, drawing on UK Trade data.
- The brief concludes that while COVID-19 posed severe challenges, it also catalyzed business model innovation within creative content industries, fostering agility and digital transformation that could shape the sector's future resilience and growth.
- The study discusses various experiences shared during the panel, including moves to home working, increased digital audience engagement, working with communities with low digital access, and the closure of theatres and galleries.
- It also explores the implications of the COVID-19 pandemic for the medium and long term in the creative content industries, without focusing on specific geographical locations or new business models being developed.
- For those seeking direct access to the brief, it is recommended to consult specialized databases or the publishing institution's website.
