Strategy in TECH...
For several days now, multiple sources have reached out to Strata-gee to report that Doug Cole, Senior Vice President and General Manager of Universal Remote Control – better known as URC – has left the company. I have confirmed his exit, a decision that marks the end of a long career leading the organization’s sales and marketing efforts.
The Coronavirus pandemic has hit America big time. With a head-spinning swiftness, the epidemic swept across the country with ruthless efficiency – first impacting densely populated urban areas (NYC, LA, Chicago), then spreading its tentacles throughout more sparsely populated regions of the country. It has extracted a devastating human toll, striking fear in the hearts of consumers, and brought a once bustling economy to a screeching halt…plunging it into recession.
We have never seen anything quite like this and for business owners and managers…we are truly in uncharted territory. With almost 85% of all Americans now subject to some form of Shelter-In-Place or Stay-At-Home order, everything except essential services, such as grocery stores and pharmacies, has been closed down – and most companies have seen their sales disappear. Will a fearful consumer complicate our recovery from this recession?
AVNation, a largely podcasting group of integrators in both the residential and commercial AV space, this week held a somewhat abruptly announced, but ultimately successful online learning event they call their LFH – or Learn From Home – virtual residential event. Essentially an online conference with multiple presentations from a variety of industry experts, the event gave COVID-19 isolated colleagues an opportunity to while away the hours of their isolation…and perhaps learn something in the process.
Now, the group announces it will offer a new LFH event targeted at the commercial channel next week.
Melrose Industries PLC has announced it will suspend the payment of its usual year-end dividend in the face of the deteriorating economic environment as a result of the global spread of Coronavirus (COVID-19). Melrose, the U.K. turnaround specialist that is parent company of the U.S. based Nortek has taken other actions to adjust operations at its operating companies in the face of COVID-19.
An astonishing 283 million Americans are stuck in some form of self-isolation or self-quarantine due to the fact that most states and cities have imposed a “Stay-at-Home” rule in the fight to snuff out the COVID-19 pandemic. This new reality in which we find ourselves means that almost all businesses (except for a few essential services) are closed – and millions of Americans are stuck at home with little or nothing to do. But what role does their technology play in this situation?
A relatively large number of readers and industry sources have reached out to Strata-gee with word of cutbacks and layoffs at various industry brands – as the impact of coronavirus (COVID-19) takes its toll on the U.S. economy. As was reported in a post just a few days ago, jobless claims jumped dramatically – by 33% in just one month – only to be exceeded a few days later by a massive jump in claims of 3 million more unemployed workers.
New research conducted this month shows another major impact of COVID-19 Coronavirus – the crash of consumer sentiment. A statistically significant survey of a representative sample of all Americans has reached concerning conclusions about consumer sentiment now and likely to prevail for months after the COVID-19 crisis passes.
Yet another trade show bites the dust as CE Week joins a long list of shows canceled due to the nationwide Coronavirus epidemic. This cancellation is no surprise, as CE Week was only a little more than 60 days away and planned for the Jacob Javits Center in Manhattan – a facility that is in the process of being converted to a large hospital for victims of the Coronavirus (COVID-19) epidemic that is hitting New York City and New York State very hard.
The U.S. Census Bureau and the U.S. Department Housing and Urban Development announced this week that sales of newly built residences fell in February 2020. Housing starts also fell in February. This housing market downturn is likely a precursor to much more dramatic declines when figures for March 2020 are reported – a time period when the coronavirus (COVID-19) pandemic began to really take hold across America, forcing State and City governments across the U.S. to order residents of all non-essential businesses to stay home.
Emerald Holding Inc. (NYSE: EEX), formerly known as Emerald Expositions Events Inc. – a national exposition company that is home to both the CEDIA Expo and CE Pro magazine – has announced that they are postponing all events for the first two quarters of 2020 due to the rapid spread of the global pandemic Coronavirus (COVID-19). Given their position as one of the largest producers of B-to-B trade shows in the U.S., this is a major development with huge impact on the various industries their shows serve.
