As CEO of AVIXA – one of our industry’s largest trade associations – Dave Labuskes knows exactly how COVID-19 affected audiovisual companies. So, we asked him to share his insights – perspectives about the past year as well as the months and years ahead – during our recent national sales meeting. Here’s a recap of his remarks.
An impact like never before
Not long after the pandemic hit, AVIXA started analyzing industry data. In particular, the research team closely watched revenue and staffing levels. In both cases, the most significant impacts were felt in mid-May 2020. After that, revenues slowly began to return, and staffing leveled out.
Confidence is starting to return
Like many industries, we now know that a full recovery will take longer than initially expected. That said, there is reason to be confident. New AVIXA data from March 2021 shows that the vast majority of organizations in the industry anticipate sales will increase by 5% or more over the next month.
As for employment, the majority of companies are maintaining staffing levels with a few saying they are more optimistic about the staffing outlook than negative.
The four big trends at the core of a significant industry comeback
Let’s take a closer look at the four trends driving industry optimism and our ability to grow.
- Professional AV is ubiquitous and is part of everything we do around the world. As such, there’s an absolute correlation with gross domestic product (GDP). When GDP is in decline, it’s harder to be successful in our industry. However, as GDP recovers around the globe, it will support AV demand.
- Virtualization or the universal availability of cloud-based video conferencing opens new opportunities for enterprises to offer these services. And it’s not just for so-called knowledge workers anymore. It’s for frontline workers, too. For example, when companies hold virtual events and broadcast across multiple locations, all of the gear involved in supporting that experience is AV. Providing for that level of collaboration will continue to be one of AV’s key driving trends.
- Infrastructure expansion will continue across the board. Every call, podcast or webinar that gets captured requires AV. Moving it from place to place through routing and switching requires AV. Storing it requires AV. So, enterprises will need professional AV solutions to expand their infrastructure.
- Content distribution is growing and will continue to do so. Because of that, more and more companies want and need high-end production equipment to deliver professional-level virtual or hybrid experiences. Their investment will also require content to be stored and delivered by AV companies such as AVI.
The role of technology and AV moving forward
There’s no denying the role audiovisual equipment played during the pandemic. Many of our human connections were wholly and completely dependent upon technology, and our memories of this era will likely have technology at their core.
As we emerge from COVID-19, many of the experiences we’re hungering for will be enhanced by technology as well. In fact, we see AV equipment at the center of our recovery and ability to move forward.
Similarly, audiovisual equipment will play an essential role in how businesses across industries will recover – from hospitality and live events to retail, transportation, education, and corporations. As they move forward, many of them will want to invest in professional AV solutions, including digital signage, learning, security/surveillance (i.e., temperature monitoring, ensure the return to office is safe), command and control, and content distribution.
In short, the AV industry is poised for a once-in-a-generation comeback.
AVI systems is here to help organizations become more agile during as employees return to the office and companies begin operating in our new normal. What worked for you prior to the pandemic may no longer meet your needs. Let’s examine your current business challenges with fresh perspective and an eye toward the future.
What AV issues can we help you solve? Contact us today.