The past year has really not been easy at all for the vast majority of companies that are out there. Due to the pandemic, no one is able to go out and buy anything because of the fact that this is the sort of thing that could potentially end up infecting them with a deadly virus. Traditional ad spending has decreased a lot as well because of the fact that brands don’t want to spend money on advertising products that people simply won’t be able to buy even if they want to.
According to WARC, in total the amount of money that was spent on ads decreased by about 10% over the course of the past year. While there is an expected 6.7% increase in ad spending in 2021, this is still a lot less than what companies were spending in 2019. TV ad spends were down by more than 16% this past year, and print media saw a massive 25% reduction which is the sort of number that is truly very difficult to bounce back from in any meaningful way, shape or form.
With all of that having been said and now out of the way, it is important to note that not every industry has seen such a huge loss. In fact, social media platforms saw a 9.3% increase in ad spends in 2020, something that is quite remarkable when you think about how the rest of the industry ended up seeing such a massive downturn.
Now, the thing about situations like this is that the pandemic actually made social media a much more feasible option for brands to explore. However, it still bears mentioning that in the worst year ever seen in the advertising industry, social media actually saw a boost in ad spends which should indicate how popular it will be in the future.
Read next: Stats Show Almost 2.8 Million Shopping Apps Were Downloaded On Black Friday
According to WARC, in total the amount of money that was spent on ads decreased by about 10% over the course of the past year. While there is an expected 6.7% increase in ad spending in 2021, this is still a lot less than what companies were spending in 2019. TV ad spends were down by more than 16% this past year, and print media saw a massive 25% reduction which is the sort of number that is truly very difficult to bounce back from in any meaningful way, shape or form.
With all of that having been said and now out of the way, it is important to note that not every industry has seen such a huge loss. In fact, social media platforms saw a 9.3% increase in ad spends in 2020, something that is quite remarkable when you think about how the rest of the industry ended up seeing such a massive downturn.
Now, the thing about situations like this is that the pandemic actually made social media a much more feasible option for brands to explore. However, it still bears mentioning that in the worst year ever seen in the advertising industry, social media actually saw a boost in ad spends which should indicate how popular it will be in the future.
Read next: Stats Show Almost 2.8 Million Shopping Apps Were Downloaded On Black Friday
