BIA Advisory Services expects advertising across all media platforms to fall to $144.3 billion this year.
Local media analysis company BIA Advisory Services said advertising across all media platforms is expected to drop by 10.6% to $144.3 billion, as compared to its previous projections made in November 2019. While political advertising was expected to give a bump to advertisers, the coronavirus crisis will lead to a 3.6% decline in advertising.
Local media, mainly TV stations, can also face further revenue loss due to the postponement of the Summer Tokyo Olympics. Local over-the-air TV stations will also fall from its earlier projection of $17.8 billion to $17 billion.
The company forecasted that digital local TV advertising will also fall to $1.6 billion from its previous projection of $1.7 billion. The researchers anticipated decreased consumer spending on leisure and entertainment categories would affect TV and radio.
[1 minute read]