2020 was supposed to be a fruitful year for the global advertising investment. With COVID-19 into the picture, the estimated increase in global advertising investments seems to be nowhere near possible. The decline in the advertising spend has caused an enormous setback to the traditional media.
It is no news that people have been quarantined in their homes for months, and this has resulted in many consequences. Telecommunication, being of them, has experienced a remarkable increase in ad spend because of its outgrowing users while on the other hand, advertising ad has lost its track over time. The online streaming of shows and movies has spiked in this pandemic which has caused the traditional media to take a step back.
This year could have been the big hit for advertising spend considering its previous record, but due to COVID-19 and its restrictions, a loss of $96.4 billion has been observed by the advertising spend this year. This unexpected event has made the impossible possible by making the online platform defeat any other platform for the first time.
Could advertising spend possibly be recovered?
As per reports, the advertising spend could be considered in a recovery phase. This recovery could take months and even years. It is highly unlikely for advertising spend rate to make a spike within some months because the earth hasn't fully recovered from COVID-19 yet. The clock is ticking and only time has the answers to all the questions in mind. With the new reality of life, the advisors find themselves in complete uncertainty.
Infographic by: Visualcapitalist.com