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It’s bad and will continue to deteriorate as the industry restructures due to disruption. From AI, media fragmentation, democratization of advertising services and a massive drop in production costs. Clients won’t see value in what most agencies offer anymore or will want to pay a lot less. The very good ones will survive because clients will seek them out as they add value. These won’t be holding company shops, but savvy independents and possibly in-house marketing departments staffed by a mix of freelancers and full timers. It’s all changing, and quickly.
Well said Publicis 1 and MP1. This is frighteningly what it is and what it’s become.
Everything above, plus the moronic economic chaos Trump is bringing to bear. Clients aren’t going to invest in budgets with a Great Recession looming.
99% of new Presidents have the common sense to bring a semblance of stability to a shaky economy. Most.
Rising Star
Yeah but that one lady got hit by a volleyball pretty hard.
I’ve been freelancing consistently over a year now, while applying to full time gigs. It’s been impossible to get full time work, compared to freelance. But freelance isn’t paying me benefits and I can’t afford my own time off.
I’ve also been freelancing for about a year while between FT jobs. The rates out there seem to be about the same as when I was freelancing 6 years ago— which is shocking honestly. And you don’t want to over charge as clients and agencies will use you less or not at all since the pool of available talent post layoffs is large. It’s a tough time but I absolutely tell every freelancer I know— do not accept free work or well below market rate work, even if it’s tempting. It screws rates up for everyone and normalizes the agencies who well know what they’re doing by offering scraps for heavy workloads. I just turned down a new client the other day that was paying $1200/month for what would easily be 30-40 hours of work per week plus client facing meetings and also ongoing account audits/competitive analysis. It’s a really wild market out there but try to not take on bad, exploitive gigs if you can avoid them. There’s more out there and I’m happy to connect with other freelance producers/strategists if you’re having the same struggles.
It’s not great.
THAT SAID, a lot of my former colleagues and coworkers are still finding good jobs—one went to Apple, one to Amazon, and a bunch to various CPG companies within ~6 months of starting to apply (and we are not at or from a major agency). It’s good to keep an eye on the macro trends, but try not to get caught up in the negative news and let it bring you down.
It’s…. Not great. But many industries are also hurting right now.
And have been hurting for a few years.
Chief
Just saw a report it’s the third consecutive quarter of high unemployment in the ad sector. Despite relatively good numbers nationally. We bucking the trend!
https://adage.com/article/datacenter/inside-latest-jobs-report-what-happened-advertising-employment/2604661
In the last two weeks I’ve had three agencies trying to poach me, granted I have plenty of experience and a high-ish profile, but compared to the last couple of years it seems to be picking up
Yes. Watch you back or you’ll get shanked.
sounds on brand.
I got laid-off from my production design job last June because the clients were drying up and I haven't got so much as a nibble since. It seems like the first place anybody cuts is their advertising budget.
All the creative/producer types are gone from the place I’m freelancing. I receive scripts and turn in cuts to an account manager. i’m certain she wrote the vo with a ai chat bot thing.