Short answer, there's less. We still have new deals coming in. We are still sending offers out to influencers, but significantly less than we have previously. Right now, there's just so much instability in the markets and brands just don't know if this is going to last two weeks or three months. I think because of that uncertainty, they are clamming up and protecting any cash that they have. Right now, if you run a business, cash is absolutely king and you're having to make the decision between laying people off and running any advertising campaign, and in the short term, the advertising campaign is the thing that's going to be cut.
You have to understand that. I mean, what we've seen so far with influencers is 18% of deals have been canceled while 60% have been paused or postponed. Generally, I'd say that is reassuring news. I think most of the canceled deals are travel event-related. A lot of brands are saying, hey, we're going to honor that contract we gave, we just need to pause the content for a little while. I definitely think you should be preparing to get less deals. I said it in the video before, I will say it again, I think this is probably my third time and I keep- it keeps getting more extreme. As an influencer, you should be prepared to make potentially 40% to 50% less money than you made last year this year.
It is hard out there running a small business, a lot of you are essentially running small businesses. You need to take a look at your expenses and you need to cut absolutely everything out immediately that is not absolutely necessary to running your business today, you need to cut it out. You have to assume there's a chance that you could make 50%, 60%, 70% less money this year. Do I sincerely think that will happen? No, I think that there's a slim chance of that happening, but right now is the time to overreact and over-index and save the cash that you have to make sure that you're able to make it through this crisis. If you're doing this full time, you have to think about cutting costs as quickly as you can.
- Reading the room