International marketing intelligence service, WARC releases the Global Ad Trends report which highlights the impact of Covid-19 on ad investment in 2020. According to the report, advertising spend is projected to be $563bn for 2020. This is a steep decline from earlier forecasts, which predicted a rise in spending by 7.1% to $660bn. The decline is led by severe cuts in investment in major product sectors, as a result of the COVID-19 outbreak. Here are the key findings :
Trends by media and format
Trends by industry
Trends by platform
Trends by region
The Middle East is not as severely impacted by COVID-19 as compared to other regions. However, ad spend in the Middle East is still set to fall 15.1% ($1.8bn) to $10.4bn in 2020, as oil-rich economies suffer from falling commodity prices.