Global advertising spend is set to recede by 10.2% to a total $557.3 billion this year, according to the latest report from the World Advertising

Research Centre (WARC). Covid19 has wiped

Not surprisingly, traditional media accounted for nearly all the decline, with magazine posting a 25.4% hit. Cinema was down 46.5%, newspapers 25.5%, radio 18.4%. It was the worst performance in WARC’s 40-year history.

A recovery is estimated to take at least two years, as ad investment is forecast to grow by 6.7% next year, or just over half of the current decline. Online video, the only segment that saw a growth in 2020 will continue to grow 7.9% in 2020 to $52.7 billion and 12.8% in 2021.

Regionally ad spend in North America, which accounts for 39.6% of global spending, dropped by 4.3%, or $9.9 billion, this year. The region will see spend rise by 3.8% next year, with the US recouping 89% of 2020's losses, the report said.