Advertisers are shifting marketing dollars to the digital channels faster than ever due to the COVID-19 (Corona Virus) pandemic situation. According to the projection of a recent IAB's survey of 242 media buyers and publishers, the total U.S. traditional media channel ad spend will be declined by 8% for FY 2020. But the digital media ad spend is expected to climb by 6% versus FY 2019.
According to the IAB (Interactive Advertising Bureau) report, the most impressive gains of digital ad spend are expected for the Paid Search (26%), Social Media (25%), Connected TV (19%), Digital Video (18%), and Digital Display (15%) for FY 2020 vs. FY 2019. Digital Audio and Podcasts are expected to show slight decreases.
Buyers expect all traditional media ad spending will be down to an average estimated 8% for the FY 2020 vs. FY 2019. The most noticeable decreases are expected for the Traditional OOH (46%), Print (33%), Terrestrial Radio (31%), and Liner TV (24%).
The IAB survey also explored the media budget outlook for 2021. The media spending ad budget is projected to climb by 5% in FY 2021 compared to the FY 2020. Though 70% of media buyers didn't really have clear visibility on 2021 budgets.
From the survey, it's clearly appearing that search and social media marketers will have plenty of work in 2021 and online marketing channels are continuously growing compared to their traditional counterparts. There are already expected double digit growth in the U.S. retail eCommerce sales due to the COVID-19 (Corona Virus) pandemic situation. If you're running any retail business online, read some simple small business online marketing tips during the COVID-19 pandemic situation to make sure the double digit sales growth for your business too!
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