Adweek has published some interesting statistics:
“Hard times for publishers and platforms
“The media business, which was ailing prior to the pandemic, has been struggling to survive amid Covid-19 due to declining advertising spend and revenue. This week, a disheartening wave of furloughs, layoffs and salary reductions struck a number of print and digital publishers. Condé Nast furloughed or laid off nearly 200 staffers, The Economist laid off 90 staffers and suspended the print edition of 1843, Vice Media laid off 155 staffers, Quartz Media laid off 80 employees, most of which were in its advertising department.”
With so many companies pulling back on their advertising budgets in the face of free-falling conumser demand, it’s not surprising that this is happening. Print newspapers are in disarray. Meg Whitman’s new short-form digital media platform, Quibi, is well-behind projected subscription numbers.
A rapid economic recovery is not likely to take hold if consumers don’t get on board with the idea and resume patronage of traditional social venues like sit-down restaurants, entertainment venues, live-action sporting events, and so many more. Psychology portends two possible emotional scenarios: fear or courage. Which will prove to be the winning feeling?
It has often been said that the human being is an innately social animal. Perhaps that’s the way to bet. I would argue that we cannot let fear rule the day.