By Jameson Fleming and Jess Zafarris for Adweek
The spread of coronavirus has initiated a period of unprecedented uncertainty for global advertising, which could mean a major shift for the industry. Here are just a few ways the ad world is already pivoting and adapting as a result of the outbreak.
AD SPEND: Early indications are that overall ad spending could take at least a temporary hit, but TV, in particular, could actually benefit from people staying home, tuning in to news and streaming programming.
EXPERIENTIAL MARKETING: “There will be an impact on the experience industry, particularly around large scale events with a global audience,” says Fake Love CEO Alanna Lynch. As a result, agencies and brands need to think proactively about how to approach branded experiences.
AGENCIES: While many agencies are already adept at working from anywhere, the current outbreak could encourage companies to pivot to more remote working tools and videoconferencing rather than putting so much effort into office staffing and global in-person gatherings.
PRODUCTION COMPANIES: Production companies are still in wait-and-see mode, though many of those who work in production are seasoned professionals who have seen all manner of twists, turns and pivots which could serve to make these companies more nimble.