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According to Cowen & Co., Google and Facebook together could lose up to $44 billion in 2020.

While user activity on Facebook’s services like Messenger and WhatsApp has surged, it says that its advertising business has been “adversely affected” due to COVID-19. Other ad-supported platforms and the digital advertising industry could also be affected by this trend.

G5 Future’s Rob Griffin observes that ad spending could be down up to 50% industry-wide. Facebook has claimed a 50% increase in total messaging in the last month, particularly in countries severely affected by the outbreak.

Facebook’s decline in ad revenue could further be attributed to the fact that its most used services Messenger and WhatsApp aren’t monetised with ads. Twitter also revised its Q1 revenue outlook this week, due to the decrease in advertiser demand.

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