Pandemic's Economic Fallout Cutting Ad Spending, BIA Says

Local advertising spending in 2020 likely will be about $140.4 billion instead of the previously forecast $143.3 billion due to the COVID-19 pandemic's economic fallout, BIA Advisory Services said Wednesday. That would be a 6.1% decline from 2019 spending, it said. Broadcast TV and radio advertising projections of $27.9 billion are down $500 million from its previous forecast, it said, while mobile advertising will likely total $24.3 billion, also a $500 million decline, and its online/interactive advertising projection is down $300 million to $20.6 billion, it said.