Wreaking havoc on businesses large and small, the Covid-19 shutdown triggered a nearly instantaneously economic recession; threatening even our very way of life.
“On the basis of sweeping proclamations about “the end of commuting,” “the demise of retail,” and “the collapse of globalisation,” many executives have come to assume that everything will change. Accordingly, the recipe for survival is supposed to be a thorough transformation of the entire company — or else a bankruptcy filing,” wrote Mauro F. Guillén, Harvard Business Review.
That said, the reality of how businesses are dealing with the crisis and prepare for the recovery paints a different picture – pivoting.
You would think that companies like Spotify, the global leader in music streaming, had all the ingredients for success in the lockdown economy. Truth be told, Spotify’s disproportionate reliance on its free users who must listen to advertisements, tells a different tale. Why? Its limitations become readily apparent when the pandemic hit and advertisers cut their budgets.
What then? Read the full article here.