Advertising spending on linear television is expected to be down 24% this year, while connected TV ads jump 19%, according to a survey conducted for the IAB.
In the new IAB study, digital media tends to show increases despite the COVID-19 pandemic, while advertisers back away from traditional media. Overall, buyers expect 2020 ad spending to fall 8%, with digital up 6% and traditional down 30%.
The IAB study forecasts that paid search will gain 26%, social media will add 25%, digital video will be up 18% and digital display rises 15%.
Traditional out-of-home, terrestrial radio, print, direct mail? Forgeddaboutit. Double-digit drops ranging from 17% to 46%.
The survey found that buyers and brands said their budget plans for 2021 have not yet crystallized, with only 9% saying their plans were “very clear” but 70% saying their ad dollars were in flux.
But among the buyers who did have a good sense of their 2021 budgeting, spending was expected to be up 5.3%.
The survey was conducted from Aug. 3 to Aug. 13 with 242 respondents involved in ad spending and revenue.
