The coronavirus pandemic has hit vast areas of the economy, while majorly impacting the media industry.
This piece states that numerous agencies and media owners anticipate the UK ad market to drop by roughly 50% in the next month. A senior broadcasting personality said the TV ad sector is going to face an estimated 50% slump, while a leading media agency expects the market to “halve” in April.
The article points out that most advertising and media companies have already cut discretionary spend in the past two weeks. The overall ad spends in March is expected to have fallen by about 20%.
After the UK government announced lockdown, cinema ad sales have ceased, and plans for April have also been hit. But, the situation could be worse in May with an expected drop of 75%.
[3 minute read]