Not surprisingly, traditional media accounted for nearly all the decline, with magazine posting a 25.4% hit. Cinema was down 46.5%, newspapers 25.5%, radio 18.4%. It was the worst performance in WARC’s 40-year history.
A recovery is estimated to take at least two years, as ad investment is forecast to grow by 6.7% next year, or just over half of the current decline. Online video, the only segment that saw a growth in 2020 will continue to grow 7.9% in 2020 to $52.7 billion and 12.8% in 2021.
Regionally ad spend in North America, which accounts for 39.6% of global spending, dropped by 4.3%, or $9.9 billion, this year. The region will see spend rise by 3.8% next year, with the US recouping 89% of 2020's losses, the report said.