RED FM to cut down on all additional costs as coronavirus takes a toll on the industry
MUMBAI: Looking at the market situation, 93.5 RED FM has taken a conscious decision to cut down on all additional costs. This involves not participating in industry awards this year owing to the current market scenario.
While RED FM’s business is running as usual, the company is taking precautionary cost cuts anticipating a tough Q1 because of Covid 19. For the time being, they have put all their on-ground events on hold. COVID-19 has not only created a health scare but has affected the experiential industry enormously.
Speaking about this announcement, RED FM and Magic FM Director & COO Nisha Narayanan said, “With the economy slowing down and outbreak of COVID-19, there’s uncertainty across industries. Amidst the challenging times, it is imperative for all of us to take radical steps. At RED FM, we have decided to forego all the industry awards this year so that we can utilize this money towards more critical projects. With the usual continuation of our on-air and digital platforms, we are working to maximize the awareness about this pandemic. It is highly advisable to not spread unverified news and understand that safety is of utmost importance for everyone around us. We need to be cognizant about the fact that encouraging any sort of panic and social gatherings will worsen this situation. We are hoping for businesses to return to its normal state in the upcoming months.”