Digital agency Media One Creative secures $1.5M from BDC to keep productions going during the COVID-19 crisis
TORONTO, August 5, 2020—Media One Creative, a fast-growing content agency based in Toronto, has received financing of 1.5 million dollars from BDC’s Technology Industry Team to keep its productions going during the COVID-19 crisis. Media One Creative produces and distributes video content for major brands, including many of the Fortune 500, using some of the latest technology. In 2019, the company earned a place among Canada’s 400 top-growing companies as ranked by The Globe and Mail thanks to a 209% growth rate in revenue over the preceding three years and was included in the Financial Times’s “The America’s Fastest Growing Companies 2020” list earlier this year.
Media One Creative was on track for another record year when the pandemic hit. Thanks to the cloud-based systems and processes already in place, the company was able to quickly reorganize for remote work. It even shifted to using animation on some productions when shoots had to be halted due to health measures. Still, several clients, including some very large international ones, were forced to postpone or cancel projects, which created significant revenue shortfalls for the agency. Like all fast-growing companies, having strong cash flow is extremely important to maintain growth. Management’s greatest fear was having to let go some of its full-time employees, since this would hurt the company’s ability to fulfill its obligations to other clients and to maintain its growth trajectory. It also wishes to ensure it can keep work flowing to its many regular “Creators” (freelance marketing, film, and television professionals), most of whom are deeply affected by the suspension of filming activities. Amid these challenges, the company still managed to launch Stories of Humanity, an original content series about resilience and hope during the COVID-19 pandemic.
The funds are helping cover Media One Creative’s payroll so that it can keep its core team intact along with its production capacity. They were granted through a working capital loan program BDC launched to bring relief to businesses affected by COVID-19. These loans feature low interest rates and patient repayment terms designed to give businesses time to resume their normal activities.
“I am so appreciative and inspired by the hard work and ownership displayed by our team during this time. Media One Creative came together and made temporary personal and financial sacrifices to ensure that we pulled through this tough time to emerge strong into our next fiscal year,” says Derek Rider, CEO & Co-founder, Media One Creative. “When you add to this the support from BDC, our company was able to ensure we had the cash flow to maintain all of our full-time team, and continue to deliver on projects for our clients in Canada and around the world. Though it is a tough time for many in the marketing, production and technology industry, we thank BDC for their commitment to our company and our vision, which has allowed us to keep our entire team intact.”
“As tech entrepreneurs, co-founders Derek Rider [CEO] and Corey Peck [COO] have done a remarkable job growing Media One Creative over the last few years and they have the right attributes, namely the determination, to pull through this situation now,” affirms Marc-André Maheu, Director of BDC’s Technology Industry Team for Ontario. “They are already supporting many marketing and technology-related jobs and should create even more in the years ahead.”
About Media One Creative
Media One Creative is a global content agency headquartered in Toronto, ON. It provides creative, production and marketing services to the world’s largest brands. In addition to the full-time team, Media One Creative employs over 300 marketing, film and television professionals on their “Creators” team across North America. www.mediaonecreative.ca
BDC is the only bank devoted exclusively to entrepreneurs. It provides access to financing, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For 75 years and counting, BDC’s purpose has been to support entrepreneurs in all industries and all stages of growth. For more information and to consult more than 1,000 free tools, articles and entrepreneurs’ stories, visit bdc.ca.