08/09/21 // Uncategorized
Will Media Spend Ever Recover to Pre-Covid Levels?
Written by: smith
Encase you hadn’t noticed…a lot has changed since the pandemic hit the UK back in March 2020.
From not being able to see family, mandatory face masks to do the groceries and working from home, we’ve all had to adapt to a temporary new way of life.
With this new way of life has come a new wave of media habits and trends.
With the nature of the lockdown, in essence, forcing people to stay indoors, we saw outdoor media plummet significantly. In 2019 OOH generated 1.3 billion pounds in revenue, in 2020, this nearly halved to 699 million. However, OOH has come back with a bang, Statista forecast that “OOH ad spending in the will recover in 2021 and grow by close to 37 per cent.” Which are beyond levels even pre-covid. Many doubted advertisings spend would return to pre-covid levels, with big media agencies sacking staff and smaller agencies struggling to survive, yet there is so much demand in 2021 options are being filled up until the new year.
Comparatively, print magazine consumption halved between 2019 and 2020 (41%, 26%) and print news readership fell 9%. This coupled with OOH’s massive drop in spend illustrates just how hard the traditional media outlets have been hit.
Whilst traditional media suffered through the lockdown, digital media boomed, the UK digital ad spend grew 5% to £16.5 billion in 2020, with mobile, computer and tablet usage skyrocketing as a significant portion of the UK was furloughed or unfortunately lost their job.
Alongside this, video-on-demand & subscription-video-on-demand formats boomed too:
· Expected growth of 14.3% in 2021 versus 2020
· One of the few media channels to see positive growth in 2020
· One in five UK homes signed up for a VOD subscription service during the pandemic
· 56% of UK households have at least one Subscription Video on Demand (SVoD) subscription
With so much changing in the media industry, it’s important you work with a team that understand these changes, where the market is heading, and the next steps needed in order to run successful advertising campaigns. Media Performance work across both digital and traditional media, with our managing partners having 30+ years experience working with big-name brands, expertly buying, and planning successful advertising campaigns. To work with your own specialist team, contact us today.
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