Ad-buying giant describes coronavirus pandemic as a “combination of the Great Recession and 9/11”
Magna Global, one of the largest firms responsible for buying and placing advertisements, has revised its forecast for this year and next due to the uncertainties surrounding the coronavirus pandemic and its eventual economic impact.
Labeling the pandemic as a “combination of the Great Recession and 9/11,” Magna Global now predicts traditional media advertising to decline by 12% this year, including a 13% decline in national TV ad sales. For the TV business, 2020 was supposed to be a brief stemming of yearly declines because of political spending for the general election and the Summer Olympics. Earlier this week, the IOC officially delayed the Tokyo Summer Olympics until next year.