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The coronavirus or novel COVID-19 has been shuddering businesses for the past few months. Every business, no matter how small or blue-chip, has been greatly affected by this virus. The epidemic emerged from Wuhan, the provincial capital of China. It has taken more than 100 countries and Europe is the epic center of this virus these days.
While the economic significances of this epidemic are still unclear but surveys suggest that they are going to be massive. It has impacted the telecom, technology, and digital media big times. In this article, we’ll discuss how this pandemic has affected various businesses.
Technology & Telecom
Supply chains are one of the major businesses that have been affected by the coronavirus pandemic. China was hit hard because of the origin of this epidemic. The citizens were forced to quarantine. This led to a full shutdown of factories. Many giants in the telecom and technology business bear a major loss in the first quarter of 2020. Apple is one of the biggest examples.
Many tech conferences and seminars were also called off due to the pandemic. Mobile World Congress, a major event that was scheduled in February 2020 in Barcelona, was canceled. Dubai Expo is also in uncertainty.
Small businesses that used to deliver household items were also significantly affected by this wave. Even though it is still too early to estimate the loss across the board, but the effects will undoubtedly be felt greatly after the epidemic.
Digital Media Marketing
Global media ad spending is likely to take a big hit due to the pandemic. According to different surveys in 2020 eMarketer expects total media spending will reach $691.70 billion. This amount is 7% more than in 2019. But due to coronavirus, there has been a significant decrease in that amount. eMarketer in China alone will be $113.70 billion which was expected to be $121.13 billion.
Many companies are completely dependent on China for their supply chain, now they will spend less on their ads to evaluate the budget.
Precautionary Measurements of Coronavirus
Governments around the world have taken precautionary measurements to prevent this epidemic. The USA has declared a state of emergency. They have also put travel bans on entire Europe. Congress has approved an $8.3bn program to fund the efforts and prevention of coronavirus.
There are still many countries that are not taking this matter with utter seriousness. Most disturbingly some of the Governments have convinced themselves that they are slowing down the virus which is not true at all. We all need to play our part in the prevention of this epidemic. Even though the death rate is low as compared to the other epidemics but nothing can be neglected.