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Major advertisers like Pepsi and GM are looking to pull out of upfront advertising contracts in Q3, according to the Wall Street Journal. That would leave the space even worse for wear after a rough H1: eMarketer’s pre-pandemic forecast predicted TV ad spend would increase by 2% in 2020, but we now anticipate a drop of between 22% and 29% for H1 2020.
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While networks have already taken a hit, they’ve also been relatively insulated by upfront commitments — but with the option to pull some of that spend, H2 looks much bleaker. The loss of live sports, a decline in political ad spend, and broader fears about the state of consumer spending have all contributed to a difficult H1.See the rest of the story at Business Insider
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