Advertisers stare into the coronavirus abyss

Clients worldwide are canceling ad campaigns and pulling cash from the sector, while billboards rented before the outbreak advertise products at deserted airports

Taipei Times
Date: Mar 22, 2020 page16
By: Kate Holton / Reuters, LONDON

The cancelation of major sporting events and the decimation of the luxury, entertainment and travel industries is delivering a hammer blow to a global advertising industry that was already reeling from years of tech-led turmoil.

What should have been a bumper year with UEFA Euro 2020, the Tokyo Olympics and US elections looks like it could be one of the worst for ad giants WPP PLC, Omnicom Group Inc, Publicis Groupe SA and IPG Inc as the economy shuts down.

Advertising executives told reporters that clients are pulling campaigns, photoshoots for glossy magazines are off and major brands are cutting budgets to conserve cash after the COVID-19 pandemic upended the way people go about their daily lives.“This is a very sudden, immediate and significant hit to people’s revenue and bottom line. A lot of people will go to the wall as a result of it,” London Advertising founder and chief executive Michael Moszynski said. “All the media agencies globally are being told by their clients to cancel their spend.”    [FULL  STORY]