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COVID-19 Economic Impact Study Results

Please see below for the findings of our study – We had well over 1,000 detailed responses and feel that it is a really accurate sampling of data. Please reach out to Chris Ward at cward@elitecoreaudio.com if you have any questions regarding this study.

All data, images, and text on this page are free to use in any capacity or publication.


Official Press Release



Download a PDF copy of this press release


Key Takeaways

  • Average of 12 events cancelled per entity
  • Companies report an average loss of $157,573 from events ALREADY cancelled (18% of expected annual income)
  • Freelancers report an average loss of 37% of their expected annual income from events already cancelled
  • 91% of all entities are being forced to take major responsive actions
  • 49% of companies anticipate facing layoffs
    • On average, 84% of all contract labor getting laid off
    • On average, 53% of full-time workforce getting laid off
  • 43% of companies are anticipating the need to liquidate assets
  • 29% of companies are anticipating facing bankruptcy or closing operations

The Breakdown