We’ve always been one to keep on top of current market news and insight as a channel agency, but as we continue to navigate this current landscape, it’s of utmost importance we keep up to date with how consumer behaviour and consumption is changing due to the current situation.
Since the announcement on may bank holiday, lockdown restrictions are slowly easing off and there is a steady rise in optimism about the future. But, with more predictions emerging about the impact that covid-19 will have on the advertising industry, is this optimism carrying across into the ad world?
As many advertisers have been forced to rip up their marketing plans in response to the pandemic, early financial reports and industry estimates paint a dark picture for the near-future of the advertising industry.
While all advertising channels are expected to become exposed by the dramatic revenue losses, there are some green shoots of hope emerging. Cinema advertising, which has come to a complete halt during the imposed lockdown period as cinemas remain shut, is one of the few industries expected to make a full recovery in 2021. It is predicted that cinema audiences will swell next year as the big releases are moved into next year and advertisers will follow, pumping revenue into the industry to bring it back to the growth seen in the last decade. Digital outdoor advertising, another of the channels expected to recoup the 2020 losses next year, is expected to provide a much-needed lift to the overall outdoor advertising market after an incredibly challenging year.
But, even with these small rays of hope appearing, there is a long and difficult road ahead. You can find out more about how the media market has changed in our previous updates or get in touch at firstname.lastname@example.org.