The bad news, according to ad intelligence firm Standard Media Index, is that the pandemic hit Q2 ad spend even worse than initially thought. The low point came in April and May, which saw declines of up to 40%.
“The good news is the worst is over and across all markets we’re reporting lower declines and also the first signs of market growth,’’ said SMI CEO James Fennessy.
Based on spending data collected from multinational and independent media agencies in the U.S., U.K., Australia, New Zealand and Canada from April to June, SMI’s latest report found that spending spending fell by an “astonishing” 37.1% in the period. The drop was most pronounced in Canada (-46.5%), while the smallest decline was in the U.S. (30.5%).