Crisis Management Strategies in the Media Industry During COVID-19

Authors: Miruna Maura Trocan, Silviu Gabriel Szentesi, Alexandru Nicolăiță, Gabriel Croitoru, Lavinia Denisia Cuc

Abstract

This research explores which crisis management strategies wer adopted by small and medium-sized companies in the Romanian media industry during the COVID-19 pandemic. The study aims to analyze how these companies adapted to the crisis by implementing strategic models, digital transformation, cost reduction and diversification of revenue sources. A quantitative research method was used by applying a structured questionnaire distributed to 341 media companies, obtaining 273 valid responses. The data was processed and analyzed using the IBM SPSS Statistics program and multiple regression analyses were also performed to identify the factors that influenced the level of impact on the companies. The results show that most companies relied on cost reduction measures, business model innovation (introduction of subscriptions and digital services) and the implementation of hybrid work to cope with the crisis. The decline in general revenues and advertising revenues significantly increased the perception of the impact of the crisis, while investments in digitalization contributed to diminishing the negative effects. The study confirms the relevance of using strategic models such as Porter’s Five Forces and Blue Ocean Strategy in increasing organizational resilience. The paper brings original contributions on the adaptation strategies used by Romanian media companies, providing empirical evidence in a context insufficiently investigated in the international literature. It highlights the importance of agility, technological investments and strategic diversification in strengthening organizational resilience. The results provide valuable recommendations for media companies that want to improve their preparedness for future crises, emphasizing the need for digital innovation, revenue diversification and proactive crisis management strategies.