James Fennessy, Global CEO of Standard Media Index told us about the impacts of COVID on advertising expenditure based on agency holdings figures in the US, Canada, UK, Australia and New Zealand: "TV has been down by 25% on a year-on-year basis, and digital has been off 24%. Unfortunately for other traditional traditional, legacy media there has been much more negatively influenced... so if we look across radio, print, out-of-home, those sectors have gone down to 60-70% through that March-May period."
He added: "We see an improving June, our US numbers have come out and we’ve seen the US market only back to 20% - it was back 35% through the March-May period and I think we’ll see pretty similar numbers come out, so I think we’re going to see a gradual improvement unless there is a second wave of COVID with these key markets.
But we expect the market to gradually improve in Q3 and with thinking of by the end Q3 we’re gonna be looking at flat year-on-year growth as pent up demand comes back to marketplace and we’re expecting to be in a growth phase in Q4 with all forward booking and all forward indicators we’re seeing from the agency holding groups today.”
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