Coronavirus could wipe out $10 billion in TV ad spending [Los Angeles Times (CA)]
Walt Disney Company (The) (DIS)
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Source: Los Angeles Times
The shutdown of sports due to the coronavirus pandemic is propelling a historic decline in U.S. TV advertising: Sales could be down by as much as $10 billion in the first half of the year. The projection, released Monday in a new report by digital research firm EMarketer, illustrates the financial pain facing U.S. broadcasters, particularly ESPN, CBS, Turner and NBC, which rely on live sports to boost their ratings and advertising hauls. The New York firm said Monday that TV ad spending in the U.S. will decline by an estimated 22.3% to 29.3% — or $10 billion to $12 billion — during the first half of the year, compared with its previous projection for the period. In the first half of 2019, broadcast and cable networks collected $33.9 billion in advertising spending, according to EMarketer. It now estimates that TV networks could collect $24 billion to $26.3 billion in the first six months of this year. TV advertisers also are racing to adjust to their new reality. “TV networks will l
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