Everyone is talking about the “new normal,” but no one knows exactly what it means or how it will evolve in the coming months.
Over the last few weeks, adland has been rife with layoffs, salary cuts, Zoom pitches, remote productions and more – and the industry will likely have to continue to adjust to changes for quite some time. But what adjustments are doing to stick?
Campaign US asked industry executives to share what they think is going to change forever in advertising due to COVID-19. Their answers are insightful, unique and some are even uplifting. Here’s what Richard Yao, Manager, Strategy and Content at IPG Media Lab, UM’s Innovation Division, had to say:
“The pandemic is set to accelerate some of the existing trends in media consumption while suppressing others, forcing advertisers to reconfigure their media mix to keep up with the changes in consumer behaviour.
COVID-19 will push more people to try free and ad-supported OTT services as they look to expand their entertainment options at home. Already, we are seeing spikes across all TV channels, especially in streaming, with viewership nearly doubling last year’s level, according to MAGNA data. The lack of live sports content is further reducing the value of pay-TV packages, pushing some consumers to consider cord-cutting. This will leave a lasting impact on how advertisers allocate their TV budgets as audiences increasingly shift from linear to OTT channels.”
Read the full article in Campaign US.