The COVID-19 pandemic has had an impact on many areas of life and industries. The advertising industry is something that has been impacted quite a bit by the pandemic as well. It is said that $50 billion dollars are being wiped out of the advertising budget due to coronavirus. Keep reading to learn a bit more about just which areas of advertising are being impacted the most.
Print ads are way down due to the coronavirus, and it makes sense that this would happen. People aren’t going out into the public as much this year due to the pandemic. You aren’t seeing people buy newspapers or magazines as often as they would before. Instead, you’re seeing people turn to online sources for entertainment and news, which makes a lot of sense considering the situation.
Television ads are also down during the time of the coronavirus. Television advertisement spending has been reduced by over 13% and even cinema advertisements are down. Companies aren’t as comfortable spending massive amounts of money on advertisements in these sectors at this time. Experts hope that things will change as the pandemic gets under control, but it isn’t known what the long-term effects of this pandemic will be on traditional advertising options.
Online ads are being impacted a bit by the coronavirus as well. Overall, spending is going to be down in the online advertisement realm. It isn’t being hit as heavily as the other areas due to people still spending a lot of time online. The growth of online advertisement will be stunted just a bit by the pandemic, but it’s still growing at a slower pace than was originally predicted before the pandemic.
Moving forward, you’ll likely see a lot more companies spending money on online ads versus other types of ads. Social media advertisements and other types of online ads should keep growing over time. Time will tell how much the growth of online ads will bounce back to the record high numbers of the past. The year 2021 might be a lot different than 2020, after all.