The coronavirus will materially change the public relations industry in the long run, industry insiders said.Firms specializing in digital PR will benefit as companies look to experts to bolster their reputation.
There were 18 completed acquisitions of PR firms in the first few months of 2020, more than double the amount in the year-ago period, said Michael Lasky, an attorney at Davis & Gilbert.However, as small, independent firms struggle to survive the economic downturn, other PR experts predict an uptick in consolidation across the industry.
"There are firms focused on experiential that are experiencing significant pain," Palazzo said. "Meanwhile, if you're digital only, it's almost business as usual, with very little change in client spend." Astle said internal comms used to focus on sending out open enrollment packets and telling employees about changes in company travel policy, and sees it playing a bigger and more strategic role.
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It will definitely reshape the PR industry and even all other industries. Digital Channels will be very busy when most businesses shift to the online world.
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