The full impact of the economic fallout from the COVID-19 pandemic was felt by the advertising industry in May.
SMI (Standard Media Index) numbers show a record fall in national marketer ad spend of 40.4% to $345.6 million.
Analysts at SMI say that means a staggering $700 million wiped from the advertising market between April and June.
The continued fall in Australian ad spend now means the market’s decline for January-May was 21.3% while for the financial year-to-date the fall is 12.6%.
The rest of the world is also seeing sharp falls in ad spend. Ad spend fell 41.6% in the UK in May, 50.1% in Canada, 38% in NZ and 32% in the US.
"The sad reality is that all sophisticated media markets are feeling the full impact of the COVID pandemic and it’s devastating everywhere," says Jane Ractliffe, SMI AU/NZ managing director.
The biggest falls by category:
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