Mumbai: Looking at the market situation, one of the largest and most awarded private radio network in India, 93.5 RED FM has taken a conscious decision to cut down on all additional costs. This involves not participating in industry awards this year owing to the current market scenario.While RED FM’s business is running as usual, they are taking precautionary cost cuts anticipating a tough Q1 because of Covid 19. For the time being, they have put all their on-ground events on hold. COVID-19 has not only created a health scare but has affected the experiential industry enormously.
Globally, events have either been postponed or cancelled and most organisations have initiated work from home policy for their employees. In India, the government of metropolitan cities like Delhi, Mumbai and Bengaluru have passed orders to shutdown pubs, malls and theatres to contain the spread of coronavirus.
The spread and severity of COVID-19 has made various organisations analyse their businesses and take immediate actions to support their employees and customers. Since the outbreak of this virus, the media and advertising industry has been adversely impacted too. In India, various brands have held back their marketing initiatives and are re-looking at their communications strategy.
Speaking about this announcement, Ms. Nisha Narayanan, Director & COO, RED FM and Magic FM, said, “With economy slowing down and outbreak of COVID-19,there’s uncertainty across industries.Amidst the challenging times, it is imperative for all of us to take radical steps. At RED FM, we have decided to forego all the industry awards this year so that we can utilize this money towards more critical projects.With usual continuation of our on-air and digital platforms, we are working to maximize the awareness about this pandemic.It is highly advisable to not spread unverified news and understand that safety is utmost important for everyone around us. We needto be cognizant about the fact that encouraging any sort of panic and social gatherings will worsen this situation.We are hoping for businesses to return to its normal state in the upcoming months.”