The on-going coronavirus crisis has led to worldwide cancellations of various events, the latest being the announcement of the cancellation of the Summer Olympics. It will not take place in June 2020, as was planned earlier. Such significant sporting events were supposed to be a primary driver of the advertising spends growth for the year, and its cancellation will impact millions of ad dollars.
This postponement will negatively affect both digital and TV ad spending plans, forcing many brands to re-evaluate their advertising and marketing channel strategies. This is besides other franchises that the mega sporting events entertain, and its cancellation will push the need for alternatives, considering the evolving consumer media consumption.