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Traditional media to lose takers in post-Covid2019 world: Mark Reed

Indian economy expected to bounce back sooner

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NEW DELHI: Most of the ad spends deducted from traditional media might not come back post-pandemic, predicted WPP CEO Mark Reed at the e-FICCI Frames conclave today. He was talking to EsselPropack Ltd CEO Sudhanshu Vats in a fireside chat. The duo talked in depth about the growth of digital technologies in the media and marketing industry in the post-pandemic world. 

Reed, however, was quite positive that the industry will be quick to move back to growths it showcased in the earlier years. He said, “Advertising spend will definitely bounce back but it will be defined by changes in consumer behaviour. If we look at the UK and the US market, the dip that the print industry witnessed during the lockdown, it might not be able to get back (revenue in pre-Covid2019 times). The demand will be generated through digital and is not going to traditional media in the same manner.”

He supported his hypothesis by sharing the growth in the stock values of digital companies like Alphabet, Apple and Tesla in the western markets, despite an overall dip in the stock market.

Reed insisted that even the viewing habits of consumers across the globe will be leaning towards digital platforms going forward. “If we talk about traditional broadcasters in the western market, the core programming like sports, live events, and television shows have dropped in frequency. This will make the users move to digital counterparts like Netflix.” 

He added that digital properties like esports will definitely be able to maintain the growth it witnessed during the covid times. 

Speaking about the Indian market, Reed showed great positivity in the growth prospects of the economy as well as consumer sentiment once the lockdown is lifted, however some categories will take a little longer to bounce back. 

Sharing some data, he noted that most Indians are looking towards visiting a hair salon while most of them are not looking forward to going out to restaurants for at least a few months. International travel might take a few years to get the same attention. 

Follow Tellychakkar for the consumer facing news & entertainment

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