With people staying indoors and relying on their digital devices more thanks to COVID-19, digital industries have done relatively well. Things like a king kong agency review and Google ads are still quite relevant even amidst the lockdown.
The Interactive Advertising Bureau the international digital advertising market research and standard group, released its latest report for the US digital media advertising market, which is good news for the people most interested something like king kong agency review and the like. The IAB’s data projects a 6% increase in digital ad expenditure for the US in 2020, contrasting a 30% decrease in traditional media advertising, compared to 2019.
This growth in the digital side of advertising means that the overall industry won’t take too big of a hit for 2020, with the IAB predicting an 8% drop in overall spending. This is in line with what other companies, like Zenith Media, have predicted.
Earlier predictions, ones made not soon after the start of the COVID-19 pandemic, were more pessimistic, expecting higher drops in ad spending across the world for 2020.
IAB predicted a 24% in traditional TV advertising expenditures for 2020 compared to 2019, but they also foresee a big increase for connected TV advertising, with a forecasted growth of 19% year over year.
Many advertising networks and agencies in the US have been paying attention to such forecasts, especially since the pandemic has made the industry’s future a bit bleaker and uncertain. A lot of them have expressed relief that the US’s advertising industry is experiencing a strong bounceback, driven by growth on the digital side of things.
However, traditional TV and traditional print advertising have been far less fortunate, with expenditures for these outlets expected to continue their downward trends, further hurting an already troubled outlet.