The media industry, one of the UK's most dynamic sectors, is showing signs of uncertainly as a result of the vote to leave the European Union.
Despite pre-Brexit expectations that the advertising market would rise more than 7 per cent, following a 10.4 per cent increase in 2015, publishers are taking strain. DMGT, the owner of the Daily Mail, has cut more than 400 jobs over the past year, BBC has said it will make more than 300 of its programme-makers redundant, and this week ITV announces that is to cut 120 jobs, with broadcasters facing the toughest year for advertising since 2009.
“At a time of political and economic uncertainty in our key markets, it’s important that we are in the strongest possible position to continue to invest in our strategy and to meet any challenges and opportunities ahead, as we continue to grow a successful business,” said a spokesperson for ITV.
Our experts at Beavis Morgan work with businesses and individuals in the entertainment, media and creative industries, assisting with their business plans, establishing the market for their product through research, analysing their financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.