The Interactive Advertising Bureau has moved its Newfront — where publishers showcase their upcoming digital offerings to influential media buyers — to the week of June 22.
The move comes in the wake of a recent IAB report that found that coronavirus is expected to have a bigger long term impact on advertising than the 2008 financial meltdown.
In the near term, IAB found that digital ad spending is already down 33 percent and is expected to generate a 20 percent decline well into the 2020 to 2021 season.
The Newfront shows, originally scheduled in person in Manhattan in late April, had already scrapped the star-studded in-person extravaganzas for a virtual presentation. The in-person shows designed to hype next season’s offerings usually draw more than 100,000 people to see hundreds of brands showcased over a week.
“Our goal is to create a dynamic marketplace that connects buyers and sellers in a way that allows ample time for development, a robust platform for delivery and safety for all,” IAB President David Cohen said regarding the latest switch.
In an IAB survey released last week, nearly 24 percent of the 400 respondents said they had paused all advertising spending for the remainder of Q1 and Q2, while 46 percent indicated they have “adjusted” their ad spend for that time frame.
And it is likely to have a long-term lingering impact lasting well into 2020 to 2021.
The report found that 73 percent of ad buyers believe coronavirus will have an impact on the 2020 to 2021 ad spend and expect a 20 percent decrease in ad spend.
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