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WARC DATA

1: A deep recession is now 3: The food and drink sectors 6: FMCG sales on Tmall and
highly probable in the short- reduced spend at a far softer Amazon have boomed. The
term; this is likely to lead to an rate than the wider market in upshot of this is that online
advertising recession in the first 2008/09 – they are also less players may become more
half of 2020. exposed to today’s downturn significant as gatekeepers to
than sectors such as travel, FMCG shoppers. This may
2: During the last recession, ad tourism and entertainment. increase the importance of DTC
money moved into paid search, or subscription offers.
though Google is not immune to 4: Major FMCG advertisers
a downturn. Other online pure lowered ad investment in 7: Consumers are now adjusting
players such as Facebook, 2008/09, but it held as a share to ‘living a new normal’, and
Twitter and Baidu are vulnerable; of sales revenue. crisis-buying habits may prompt
digital channels are the easiest permanent shifts in behaviour.
to switch off. 5: FMCG ad money is moving
online, but brand building is still
important while selling via third-
party retailers and not directly to
customers.
WARC DATA

China US Japan Euro Area UK

Revised economic growth


60
projections from Moody’s, Growth
Goldman Sachs, JPMorgan 55
and Deutsche Bank, among
others, suggest a sharp, 50
imminent downturn.
45
The current consensus is for
40
a ‘V’ shaped recovery: growth
will return in the second half
35
of the year following severe
contractions during the first. 30

Central banks have 25


announced a swathe of
20 Decline
stimuli to keep economies

Aug-19
Aug-18
Jun-18

Sep-18

Jun-19
Dec-18

Sep-19

Dec-19
Feb-19

Feb-20
Jan-19

Mar-19

Jan-20

Mar-20
Jul-18

Oct-18

Jul-19

Oct-19
Nov-18

Apr-19

Nov-19
May-18

May-19
afloat. But the pandemic is
not like a normal recession –
PMI data show a far steeper
fall in services activity than
Note: A value above 50 indicates growth, a value below 50 indicates decline. Larger/smaller values signal severity. March data are flash results.
would usually be expected.
SOURCE: IHS Market Purchasing Manager’s Index

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GDP, Year-on-year % change, 2020


Real terms 2019
November 2019 March 2020 Difference

G20 3.1% 3.2% 2.7% -0.5pp


Australia 1.7% 2.3% 1.8% -0.5pp
Canada 1.6% 1.6% 1.3% -0.3pp
Eurozone 1.2% 1.1% 0.8% -0.3pp
Germany 0.6% 0.4% 0.3% -0.1pp
France 1.3% 1.2% 0.9% -0.3pp
Italy 0.2% 0.4% 0.0% -0.4pp
Japan 0.7% 0.6% 0.2% -0.4pp
South Korea 2.0% 2.3% 2.0% -0.3pp
China 6.1% 5.7% 4.9% -0.8pp
India 4.9% 6.2% 5.1% -1.1pp
Indonesia 5.0% 5.0% 4.8% -0.2pp
UK 1.4% 1.0% 0.8% -0.2pp
US 2.3% 2.0% 1.9% -0.1pp
Global 2.9% 2.9% 2.4% -0.5pp

SOURCE: OECD

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WARC DATA

60

Growth

RTL, Europe’s largest


commercial broadcaster, has
stated that COVID-19 is now 55
hitting ad bookings, while NBC
Universal will also expect a
material impact – its Olympic
coverage – worth $1.25bn –
50
has now been postponed.

UK broadcaster ITV reports


the same impact on bookings,
most notably within the travel 45
sector, and expects growth to
be down 10%. JCDecaux also
anticipates a 10% dip.
Decline
Baidu advises Q1 revenue will 40

Dec-18
Dec-15

Dec-16

Dec-17

Dec-19
Jun-15

Feb-16

Jun-16

Jun-17

Jun-18

Jun-19
Feb-15

Aug-15

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20
Apr-17
Apr-15

Oct-15

Apr-16

Oct-16

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19
be down by as much as 18%.
Facebook and Google are
exposed – digital channels are
the easiest to switch off.
Note: A value above 50 indicates growth, a value below 50 indicates decline. Larger/smaller values signal severity.
SOURCE: WARC Data Global Marketing Index
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TV Press Radio Cinema Outdoor Online display


2,236
2,500 2,097
1,980 (+12.8%)
1,780 1,870 1,867 (+12.3%)
1,692 1,739 (-5.6%)
(+5.1%) (+7.3%)
FMCG accounted for a quarter 2,000 (+4.1%) (+5.2%) (-7.0%)
1,626
(22.5%) of the UK’s display ad 26.5%
1,500 25.5%
market during 2009, with the 17.8% 19.6% 22.2%
24.8%
24.0% 27.5%
17.7%
food sector alone spending 1,000
9.8% (£860.2m) and personal 61.0%
64.7% 63.4% 62.2% 62.1% 57.8%
care a further 6.7% (£592.9m). 500 67.6% 66.2% 62.0%

0
TV was the only medium to 2002 2003 2004 2005 2006 2007 2008 2009 2010
record a dip in top line FMCG
spend, while outdoor (+£12m)
Advertising investment,
and press (+£9m) investment
Year-on-year % change, Household Cosmetics &
rose most in absolute terms. 2008/09
Food Drink
FMCG personal care
Total FMCG Total market

Though not wholly recession TV -9.4% -19.1% -16.7% -11.0% -12.1% -9.8%
proof, the food and drink Press 12.3% -7.3% 13.9% -8.6% 1.7% -17.0%
sectors reduced adspend at a Radio 32.7% 27.4% -33.3% -10.2% 14.0% -9.8%
far lower rate than the wider Cinema 19.9% 24.7% 210.6% -8.2% 17.1% 4.9%
industry. Associated brands Outdoor 7.4% 27.5% -30.8% -22.6% 8.1% -16.9%
may prove important to media Online display 52.9% 38.6% -19.8% 24.0% 27.4% 5.7%
owners given the nature of the Total -1.3% -2.3% -12.3% -10.5% -5.6% -11.7%
current downturn. See more.
Note: Chart percentages denote media share. Press is print newspapers and magazines. Press excludes classified advertising.
SOURCE: Nielsen Ad Intel, AA/WARC Advertising Statistics Yearbook/Expenditure Report
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2007 2008 2009 2010

20% 14.4% 14.1%


11.4% 11.9%
7.3% 8.7% 8.1% 7.2%
10% 4.9% 5.9% 4.5%
1.7% 1.2% 2.8% 2.8% 2.3%
0%
-1.9%
-10% -4.4%
-6.9%
Sales revenue was down -11.7%
-20%
among five of the largest
Unilever P&G Nestlé Coca-Cola L'Oréal
FMCG companies in 2009,
though only P&G and Coca-
Cola cut ad investment.

This is interesting to note as


2007 2008 2009 2010
today’s downturn is different
– consumers are stockpiling
40%
food and drink, and this may
lead to a short-term boost in 30%
sales income.
20%

Evidence from previous 10%


recessions shows longer 13.2% 12.5% 13.3% 13.7% 10.4% 10.7% 9.8% 10.9% 33.9% 32.6% 33.7% 34.0% 9.6% 9.4% 9.0% 8.3% 30.0% 30.0% 30.8% 30.9%
periods off air will weaken 0%
brand health and damage Unilever P&G Nestlé Coca-Cola L'Oréal
market share due to a
reduction in share of voice. SOURCE: WARC Data, Company reports

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92.3 93.3 97.2


85.9 88.0 90.6
93.3 (-1.0%) (+3.0%) (+4.1%)
100
(-6.9%) (+2.5%) (+3.0%) 20%

FMCG has historically been 75 17.8% 17.2% 15%


16.6% 16.4% 16.1%
the backbone of the global ad 15.6% 15.6%
market, providing over a fifth 50 10%

of all spend. This share has


25 5%
fallen in recent years as media
owners experience a more 0 0%
diverse revenue base. 2013 2014 2015 2016 2017 2018 2019

Amazon and Samsung are


now the world’s largest
advertisers, for example. But
FMCG’s share could soon rise
as other sectors are overly
exposed to COVID-19. Business & industrial 3.5
Telecoms & utilities 1.6
The apparel, automotive, Technology & electronics 0.9
retail, consumer durables and
Financial services 0.5
leisure & tourism sectors are
likely to be disproportionately FMCG -2.3
affected, per Moody’s.
-4 -3 -2 -1 0 1 2 3 4
Note: Data are net of discounts, include agency commission and exclude production costs. Excludes search and classified advertising.
SOURCE: WARC Data, Nielsen Ad Intel
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Food Soft drinks Household & domestic Toiletries & Cosmetics All sectors
This is true across all 19
product sectors monitored
by WARC, though some 60%
FMCG sub-categories have
been slower to shift budget
than others, in part because 50%
they are not selling directly
through digital channels.
40%

Brand building is important


for food and soft drinks – 30%
while online spend is rising in
line with the wider market, TV
spend is still 4.5 and 3.8 20%
times higher, respectively.

The disruption of activity 10%


caused by COVID-19 creates
the opportunity for brands to
0%
build lasting relationships,
2013 2014 2015 2016 2017 2018 2019 2020(f)
but communications need to
be positive and proactive.
SOURCE: WARC Data, Nielsen Ad Intel

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Total Online

50% 43.5% 43.2% 43.2%


40% 36.1%
30.9%
30% 22.0%
China is among the fastest- 20% 13.1%
growing markets, though e- 10% 4.7% 5.0% 5.6%
2.2%
6.4% 6.0%
2.4%
5.9%
0.8% 1.6% 1.3% 1.2% 0.8%
commerce’s share of FMCG is 0%
highest in Korea at a fifth. Mexico Thailand China Brazil Taiwan Korea Spain France UK Thailand

Amazon is not usually front of


mind for grocery shopping – it
holds just a 10% share of the
online market in the UK. Its 2018 2019
growth has been easing, but
this may change as the 25%
20.3%
COVID-19 situation unfolds. 20% 18.2%
15.2%
15% 11.8%
Online sales will represent 8.7%
10% 7.3% 7.4% 7.6%
almost one third of FMCG 5.9% 6.2%
sales in China by 2025 and 5% 2.3% 2.4% 1.2% 1.6% 0.1% 0.1% 0.1% 0.1%
25% in South Korea, per 0%
Kantar. In France and the UK, Korea China Taiwan UK France Spain Thailand Brazil Mexico
this share will rise to 10%.
SOURCE: Kantar Worldpanel

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Strongly disagree Somewhat disagree Neutral Somewhat agree Strongly agree

All 27% 13% 34% 16% 10%

Millennials (39%) are more


likely to do so, followed by
Gen X-ers (25%). Higher Gen Z 24% 13% 49% 10% 4%

earners are also significantly Gen Y 20% 11% 30% 26% 13%
more likely to than lower
earners (48% versus 15%). Gen X 29% 15% 31% 12% 13%

Boomers 47% 12% 32% 6% 3%


Half (46%) of those who say
they are worried about the
impact of the virus on their Lower income 29% 14% 42% 12% 3%
personal finances are still
shopping more online. Higher income 19% 13% 20% 20% 28%

Data from Ipsos MORI show


that the vast majority of US 24% 13% 36% 17% 10%

online shopping is happening UK 47% 15% 25% 7% 6%


at the expense of visits to
physical stores. 0% 20% 40% 60% 80% 100%

Note: n = 2,310 (US) and 2,229 (UK) internet users aged 16–64. Low income is <$32k, high income is >$85,000. Includes grocery shopping.
SOURCE: GlobalWebIndex

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700 Alcohol

Baby food & nutrition


600
Baby toiletries

Beauty
500
Beverages

400 Groceries & food

Kid's clothing
300 Oral (mouthwash & mouth spray)

OTC medicine
200
Pet supplies

Skincare
100
Snacks & confectionery

0 Women's clothing
2018-06-01
2018-01-01

2018-02-01

2018-03-01

2018-04-01

2018-05-01

2018-07-01

2018-08-01

2018-09-01

2018-10-01

2018-11-01

2018-12-01

2019-01-01

2019-02-01

2019-03-01

2019-04-01

2019-05-01

2019-06-01

2019-07-01

2019-08-01

2019-09-01

2019-10-01

2019-11-01

2019-12-01

2020-01-01

2020-02-01
Note: Indexed sales value (renminbi) versus January 2018.
SOURCE: Yimian
WARC DATA

Category Jan–Feb 2018 Jan–Feb 2019 Jan–Feb 2020 2020 vs. 2019
(Tmall Sales)

Face masks 100 154 1,562 1,015


Yimian, a sister company of
Alcohol 100 50 155 310
WARC, has recorded sharp
rises in the purchase of FMCG Oral (mouthwash & mouth spray) 100 214 430 201
products on Alibaba-owned Snacks & confectionery 100 64 129 201
Tmall during the outbreak.
Groceries & food 100 107 190 178
Sales of these items rose by a
fifth (22.7%) year-on-year to a OTC medicine 100 197 291 148
value of RMB74.1bn ($10.4bn). Baby food & nutrition 100 154 214 140
Beverages 100 116 161 139
Smaller Chinese businesses
are not benefiting, however – Kid’s clothing 100 82 98 118
almost all (96.4%) SMEs have Women’s clothing 100 104 122 117
suffered business losses as Pet supplies 100 161 180 112
a result of the outbreak.
Beauty 100 240 266 111

Brands that are impacted are Skincare 100 284 312 110
advised to go beyond the Baby toiletries 100 191 201 105
product by focusing on soft- 100
All 123 159 129
selling with a sensitive tone, to
maintain brand awareness and SOURCE: Yimian
safeguard share of voice.

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Latest Week vs. Black Friday Week 2019 Latest Week vs. Prime Day Week 2019 Latest
LatestWeek
Weekvs. YAGO
year-on-year

Torches
Edge by Ascential classes the
Tinned
Tinned/Jarred food
Foods
COVID-19 outbreak and the
response to it as a defining Crisp & Snacks
Crisps snacks
inflection point, driving Cereals
Cereals&&Breakfast
breakfast Foods
foods
shopper penetration and
Drinks
frequency into e-commerce
and food delivery services out Vitamins
of necessity. There is now a Baby Bottle
bottle Sterilizers
sterilisers
critical need for retailers and
Health
Health &
& Baby
baby Care
care
businesses to bridge the gap.
Cold
Cold &
& Flu Medication
flu medication
They are advised to leverage Medication
Other&medication
Remedies
real-time data to address any
Antiseptics & Disinfectants
disinfectants
demand spikes, upscale
delivery capacities, engage Soaps
Soap&&Hand
hand Wash
wash
with customers online and HomeCare
Home care & Cleaning
cleaning
ensure strong content across
e-commerce search pages. -50% 0% 50% 100% 150% 200% 250% 300%

Note: Week commencing 23rd February 2020.


SOURCE: WARC Data analysis of Edge by Ascential data.

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Latest Week vs. Prime Day Week 2019 Latest Week vs. Cyber Week 2019 Latest
LatestWeek
Weekvs. YAGO
year-on-year
A WARC analysis of Ascential
data has also identified record
levels of FMCG sales activity Pantry
PantryStaples
staples
on Amazon in the US.
Snack
SnackFoods
food
Nielsen separately recorded Breakfast
BreakfastFoods
foods
sharp rises in grocery sales Beverages
across all US outlets, notably
for powdered milk (+85%), Grocery&&Gourmet
Grocery gourmet Food
food
dried beans (+37%), canned Multivitamins
meat (+32%), and rice (+25%).
Vitamin C

Nielsen identifies three Hand


Hand Wash
wash
phases of consumer buying Hand Sanitizer
sanitiser
behaviour: proactive health-
wipes
Disinfecting Wipes
minded purchasing, reactive
health management and Toilet paper
Toilet Paper
pantry preparation.
Household supplies
Household Supplies

This trend is seen as ‘living a 0% 100% 200% 300% 400% 500% 600% 700%
new normal’, and crisis-buying
habits may last to become Note: Week commencing 23rd February 2020.
permanent behaviours. SOURCE: WARC Data analysis of Edge by Ascential data.

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US dollars Purchasing Power Parity

900
A full 12.7% – $60.5bn – was
removed from the value of 800
global ad trade during the 8 years
700
last recession.
600 3 years 11 years
In nominal terms, the market
had recouped this loss within 500
3 years
two years.
400
But after accounting for
inflation and currency 300
fluctuations, the market took
200
eight years to recover.
Stock market selloff/
100 devaluation of yuan/dollar
This extends to 11 years in surge impacts commodity-
Dotcom crash Global Financial Crisis
dollar terms, owing to a 0 rich economies

surge in the greenback


2000

2011

2014
2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2012

2013

2015

2016

2017

2018

2019
which hit commodity-rich
nations in 2015.
SOURCE: WARC Data Adspend Database

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Print TV Radio Cinema OOH Search Online display

Print publishers shouldered 200


Dotcom crash Global Financial Crisis Dollar surge
over half of global losses –
180
$35.6bn. TV took a 5.6% hit
in 2009 but spend soon 160
recovered before surging.
140
Internet advertising was in
its infancy, taking a 12.0% 120
share of global investment 100
compared to a half today,
but growth was flat in 2009 80
when all other media fell.
60
Online classified, most
40
notably recruitment ads,
dipped by over $2bn while 20
online display spend held
level. The search market 0
grew to negate any losses –

2008

2009

2010
2000

2001

2002

2003

2004

2005

2006

2007

2011

2012

2013

2014

2015

2016

2017

2018

2019
a signal of the perceived
value of performance
marketing in times of crisis. SOURCE: WARC Data Adspend Database, International Ad Forecast
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Google ad revenue Internet ad market growth

Ad income growth eased to Google revenue growth Google market share


8.5% in 2009, equivalent to
$1.9bn in absolute terms.
60 120%
This was down from almost a
third (+31.3% – $5.2bn) in
2008, but was still well ahead 50 100%
of the wider market (+0.2%,
or $141.2m).
40 80%

It is conceivable that large


brands will shift budgets 30 60%
online to focus on short-term
goals during uncertain times.
20 40%
But much of Google and,
indeed, Facebook’s ad
income is drawn from a long- 10 20%
tail of SMEs – those most
exposed to a severe
0 0%
downturn. This explains, in
2005

2008
2004

2006

2007

2009

2010

2011

2012
part, why Facebook is now
offering these companies
US$100m in ad credits. SOURCE: WARC Data, Google

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Advertising investment,
Year-on-year % change,
TV Press Radio Cinema Outdoor Internet Total
2008/09
The value of the UK’s ad
market contracted by £1.7bn Food -9.4% 12.3% 32.7% 19.9% 7.4% 52.9% -1.3%
during the last recession.
Drink -19.1% -7.3% 27.4% 24.7% 27.5% 38.6% -2.3%
Household FMCG -16.7% 13.9% -33.3% 210.6% -30.8% -19.8% -12.3%
The finance sector recorded
some of the deepest cuts to ad Cosmetics & personal care -11.0% -8.6% -10.2% -8.2% -22.6% 24.0% -10.5%
investment; subsequent Automotive -23.8% -17.7% -10.3% -22.7% -45.9% 16.2% -20.5%
research finds effectiveness in 586.5% +33.4%
Retail -1.1% 4.9% 4.7% -31.0% 3.0%
the sector has declined since,
Entertainment & leisure -7.1% -1.7% 2.9% 15.9% 8.6% 6.7% -1.6%
which correlates with a shift to
short-term strategy. Finance -14.1% -19.2% 6.0% -3.5% -46.6% 30.3% -15.2%
Travel & transport -7.2% -7.3% 8.2% 47.2% -21.5% 26.1% -4.5%
Ancillary research shows Telecoms -6.9% -11.2% -7.5% 25.5% -30.4% 29.2% -9.7%
brands that focus on customer
Clothing & accessories -45.8% -16.1% -9.2% -90.7% -28.9% 30.5% -21.3%
satisfaction fare better during
recessionary periods. It is hard Media -27.0% -10.5% -5.5% 28.0% -1.6% -12.0% -16.0%
to recoup lost equity and share Business & industrial 9.3% -15.7% -16.5% 136.7% 5.6% 35.5% -1.2%
– the best way to ensure long Total market -9.8% -17.0% -9.8% 4.9% -16.9% 5.7% -11.7%
term brand growth is to
maintain advertising spend.
Note: Green denotes stronger than total market, red denotes weaker. Press in print newspapers and magazines. Internet is display only.
SOURCE: Nielsen Ad Intel, AA/WARC Advertising Statistics Yearbook/Expenditure Report

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€521m -7.1% 38% 88% 19%


Q4 2019 Change in Linear TV Mediaset Share of
advertising advertising audience Play Italian ad
revenue investment share connected market
(15-34) TV share

Mediaset Italy earned €521m from advertising in Q4 2019, though


this was a new low for a fourth quarter. Ad income dipped 7.1%
10%
from the previous year in continuation of a downward trend.
5%
This puts the media owner in an challenging position during the
coronavirus outbreak. While TV, radio and online ratings have risen 0%
strongly in Italy, COVID-19 uncertainty means Mediaset is unable to -5% -3.1%
make a reliable forecast on the future of its advertising revenue. -4.3%
-10% -7.1%

-15%
-15.3%
-20%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017 2018 2019

SOURCE: Company reports


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1.8% £91m -10% 32% £100m


Q4 2019 Travel Projected Growth in Programme
advertising adspend change in daytime budget cut
revenue in 2019 April ad audience for 2020
growth revenue

ITV saw advertising revenue grow at its quickest rate in nearly two
years during Q4 2019, up 1.8% and reversing a steep decline seen at
300
the beginning of the year. 269
250
However, ad revenue is expected to fall by at least 10% in April, in 200
stark contrast to the strong growth of 8% seen last year. Retail and 160 157
leisure were the two largest sectors in 2019, but both are vulnerable 150
108 103 100 99
to consumers spending less time outside. 100
94 91 90

50
As consumers watch more TV, ITV’s daytime content recorded the
largest audience on a Wednesday in seven years. However, the 0
broadcaster has now had to cut its programme budget by £100m.

Note: Sector advertising revenue is spot and video-on-demand only.


SOURCE: Company reports
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WARC DATA

-2.0% -4.7% 107m 1.0% 476m


Q4 2019 Full 2019 iQIYI Quarterly iQIYI
advertising advertising subscribers iQIYI monthly
revenue revenue growth active
growth growth users

Search giant Baidu expects total revenue to decline by anywhere


between 5% to 13% in Q1 2020. Although China has now seen the
Millions Quarter-on-quarter % change
outbreak ease, business uncertainty means full year results are
likely to be weighed down – 96% of SMEs have suffered losses. 120 107 35%
100 30%
Video content now accounts for over one-quarter of online activity 25%
in China, meaning Baidu’s iQIYI entertainment platform stands to 80
20%
gain. Premium subscriptions reached 107m at the end of 2019 but 60
15%
growth has been slowing. The company will be hoping to convert 40
the nearly 500m monthly active users into paying customers. 10%
20 1.0% 5%
0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2019

SOURCE: Company reports


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WARC DATA

-10.7% 16.0% 4.4m $531m $460m


Advertising Digital Digital Advertising Digital
revenue subscriber subscribers revenue in subscriber
growth revenue 2019 revenue in
growth 2019

A slowdown in domestic and international bookings has caused The


New York Times to advise advertising revenue will see a mid-teens
Advertising Digital subscriptions
decline in Q1 2020. This would equate to the publisher’s largest fall,
with the previous low at 10.7% in Q4 2019. 60%
50%
Digital advertising income alone is expected to dip by 10% compared 40%
to an original forecast of mid-single digit decline and the strong 30%
16.0%
growth of 18.9% seen just a year ago. 20%
10%
However, the newsbrand expects there to be no impact on 0%
subscriptions or subscription revenue – both segments that have -10%
seen strong growth in recent quarters. -20% -10.7%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017 2018 2019

Note: Digital subscriptions does not include readers who receive free access as part of their print subscription.
SOURCE: Company reports
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WARC DATA

Consumers split on how Gen Z is driving changes E-commerce shopping


brands should advertise in COVID-19 media habits more frequent because of
read more read more COVID-19
read more
Consumers expect Consumers are reading
businesses to step-up and more online news and Indonesia lags APAC for
help tackle COVID-19 watching more linear TV social distancing during
read more as COVID-19 spreads COVID-19
read more read more
Brands should help keep
consumers informed COVID-19 makes mobile Nine in ten consumers
read more gaming and short video have changed their
more popular in China behaviour because of
Over 80% of consumers read more COVID-19
think brands should offer read more
flexible payment
read more
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