A sum of One crore forty lakhs received through submission of entries at Abby Awards 2020 by the Advertising Club have been refunded to the entrants.
The Advertising Club has been curating many idea exchanges and awards platforms that celebrate extraordinary creative work. ABBY Awards presented by The Advertising Club is one such award that has been held for the past 50 years. Held every year at the prestigious Goafest, the awards have gone on to become the most coveted creative recognition in the Industry. However, the ongoing pandemic and associated lockdown has broken this consistency for the first time in the history of ABBY awards.
Despite the challenging circumstances, the event received more than 2500 entries.
However, given the current business environment and outlook, The Advertising Club and AAAI unanimously decided that the money towards the submission of the entries be refunded and the awards to be paused for the year. This is in the interest of the A&M community, given the need for cost optimization. A sum of Rs.1,40,00,000 (One crore forty lakhs) received through submission of entries, thus 99% of the money received, have been refunded.
Going forward, in the best interest of the entrants, the organization is contemplating the submission of two years of work in the coming year so that the entrants don’t lose out on an opportunity to enter the good work done this year.
Commenting on the situation, Partho Dasgupta, President, The AdvertisingClubsaid “We stand with the A&M community during these difficult times. It has been an unprecedented year requiring unprecedented decisions. In such circumstances, it is most important to optimize costs and focus on delivering business efficiencies. Given the pressure on cost and our focus on driving the industry’s growth agenda, it was imperative to pivot towards facilitating a reduction in expenditure. We are sure that the tide will soon turn and we will see a definite recovery that will allow us to come back better and stronger.”
The apex industry body will take fresh stock of the situation just before the commencement of the festive season.