Two-thirds of digital agencies experienced a decrease in overall revenue because of the COVID-19 pandemic, according to recent research from Uplers.
The report was based on data from a survey of more than 130 digital agencies of various sizes from across the globe.
Some 9% of agencies say total revenue dropped by half or more because of COVID-19, a quarter say revenue dropped between 30% and 50%, and 32% say revenue dropped by less than 30%.
COVID-19's Impact on Digital Agencies' Leads
Some 47% of digital agencies say they experienced a decrease in leads because of COVID-19, and 27% say they experienced an increase.
Steps Agencies Took to Deal With the Situation
To deal with the impact of COVID-19 on their businesses, digital agencies explored new channels for new clients (29% say they did so), offered new services to existing clients (29%), prospected in new industries (17%), brought all work in-house (12%), and moved to outsourcing (7%).
About the research: The report was based on data from a survey of more than 130 digital agencies of various sizes from across the globe.
