Video production studio, Car Production Video Video (CPV), has lost its video production and production-related jobs.
The company, which employs more than 500 people in the Montreal, Quebec area, said Friday that it is seeking new jobs and restructuring plans.CPV said it is hiring an outside consultant to provide the restructuring and management plan.
The layoffs come as the video production industry is experiencing a slowdown.
The average number of video production jobs has declined by 2.6% to 569,000 last year, according to the American Association of State Colleges and Universities (AASC).
The industry is also experiencing a drop in revenue due to a slowdown in online video.
The Canadian Video Production Association said in June that video production companies will lose at least $1 billion over the next three years as a result of a drop-off in online traffic.CPVs, which are independent film and video production studios, say that video producers need more training and help with marketing and promotion.
A video production studio’s website lists many of the requirements that go into making a film and can be found here.