The Industry veteran has called the current market crisis a "V-shaped" recession.
Executive chairman of S4 Capital, Martin Sorrell has predicted that the marketing services are likely to recover in the last quarter of this year with the possible exception of purpose-driven programmes. While Q2 is expected to be "terrible", there can be a slight improvement in Q3 and a "sharp" recovery in Q4 in the marketing services.
Sorrell added that brands' old formula of spending their way through the recession is "non-sense" in this scenario. With consumers becoming more tech-proficient, media owners are most likely to shift to digital platforms.
The article further states that while financial markets seem to be recovering their confidence, COVID-19 is an almost unprecedented global crisis. Sorrell said that "This is not 2008, it's not 9/11, it's not the 1991/92 downturn, this feels like wartime."
[3 minute read]