Influence of COVID-19 Pandemic on The Most Globalized Sectors of Creative Industries in Slovakia

Abstract

Research background: The COVID-19 pandemic is far more than a health crisis. The mentioned pandemic is changing communities and economies at their core. While the impact of the pandemic will differ from country to country, it will most likely rise poverty and inequalities at a global scale. Estimating the impacts of the COVID-19 crisis on societies, economies and vulnerable groups is necessary to inform and tailor the responses of governments and partners to recover from the crisis and ensure that no one is left behind in this effort. Without urgent socio-economic responses, global suffering will escalate, jeopardizing lives and livelihoods for years to come. Purpose of the article: The aim of this contribution is to measure the influence of Coronavirus on the Creative industries entities in Slovakia, which are the most globalized (they have the international partners, cooperation or owners), to provide the various scenarios of the economic development in this field and to propose the recommendations about the development of international cooperation. Methods: The influence of COVID-19 pandemic on media companies, broadcasting channels, software companies, was determined by filings for bankruptcy or restructuring and on the basis of the number of laid off employees. Findings & Value added: Based on the reached results, we conclude that the Creative Industries entities such as media companies, broadcasting channels, software companies, which produce the digital content, were not so negatively affected. Many of the changes due to digitization have been positive, however, again in unexpected ways.

Factors predicting companies’ crisis in the engineering industry from the point of view of financial analysis

“…We can state that the difference between the values of indicators between individual years of enterprises in the engineering industry is statistically significant. Statistical significance is manifested primarily by the fact that the engineering industry in Slovakia has long-term stable results and in the area of indicators of the company's crisis, values are improving, which is documented not only by research results but also other sources that contain other relevant outputs in this area [50][51][52][53].…”