The entertainment and events sector will see some of the biggest drops to digital ad spend in 2020 because of coronavirus restrictions.
As countless events continue to be cancelled, eMarketer predicts that advertising spending on mobile and digital ads could drop almost 7% by a whopping $520 million compared to 2019.
The drop is rather dramatic considering that in 2019 ad spend within the industry rose 28.2%.
However, the forecast was optimistic that ad spending could return to 20.7% in 2021 as theatres and event locations reopen.
The analysts also foresee spending to be slightly offset by strong growth within live entertainment streaming and subscription video and gaming services.
Time spent online and using mobile devices has jumped dramatically this year and it’s likely the industry will find ways to adapt.
For example, several video-on-demand services such as HBO Max and Quibi launched during the pandemic.