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The agency landscape was pretty different then, more diverse. IMO it really depended on your specialty, craft etc.
The agency where I was full time used it to let go of what they called ‘dead wood’ and weathered the storm through hiring/pay freezes and aggressive pitching. My team came out relatively unscathed.
Now I’m freelance and my experience is very different. It’s damn quiet out there.
Curious to see what others say!
Lots got laid off. Lots moved abroad. A few agencies went bust. Some set up. Everyone took a pay cut. I think as an industry we shrunk by 30%. Budgets were never the same again.
2008 - 2012 was a turbulent time. A number of agencies shut down (Leo’s / Mcconnells). Plenty of people let go. Cut throat pitching and rate reductions. However It was also a time when people innovated and found ways to get things done without the big budgets that were once available.
This time around it feels very different. We’re only at the beginning of this from an economic point of view. Sounds like a lot of agencies and production companies have people in furlough which can’t be sustainable so I fear tough times ahead. It will vary greatly from agency to agency depending on their client mix and depth of service offering (for example creative only or creative and website design and development services).