The biggest headline these days has been about the rapid spread of the Coronavirus. As the global effort counties to contain it, the virus has started to have a significant impact on the media, advertising, and tech industry.
While we don’t precisely understand which industry channels will be most impacted by the coronavirus pandemic TV will make a comeback and we will likely see the following:
Fewer people will take a vacation and limit travel around the world. Travelers are in panic mode and are trying to figure out what this means for their upcoming trip.
More people will work from home. Some companies have mandated a work from home policy to protect their people. We wonder if companies will consider letting more people work from home in our world — It's been proven to increase productivity. We will see.
Less manufacturing of goods. Much of our luxury items and staple goods are manufactured in China (surprise). Many factory workers (mainly in China) are now stuck and cannot go back to the factories because of quarantines. YIKES!
Reduced retail sales. Well, we need the goods in order to sell, right? As this thing spreads, people will likely limit in-store shopping and we might see an increase in online/ e-commerce. Yahoo for anyone that has an online store with infinite supply.
Cancelation of many forms of public entertainment. People are worried about traveling and being in a confined space with others. They are even racking up on ticket insurance just in case.
Traditional TV viewership could potentially go up. Well, more people will be stuck at home and will likely watch more TV.
Online engagement and streaming viewership will rise (same reason as noted above just different device)
Out of home advertising go down. Folks will likely spend less time outdoors and therefore there will be a slowdown of shopping in malls, lees people going to restaurants and other out-of-home. Nothing to see here people!
Companies consider canceling annual events. Large events like Adobe Summit, FB F-8, and Target's annual investor meetings have been canceled or reformatted due to the concerns.
Advertisers cancel 50% of their upfront buys. Because of all that was mentioned above.
We will keep you posted as updates continue to come in! Until then, wash your hands, stay hydrated, Netflix and Chill!