Mon 10 May 2021 01.00 EDT
The return of must-watch TV such as footballâs pandemic-delayed European Championship and guilty pleasure Love Island is set to fuel a £1bn advertising bonanza this summer as spending bounces back to pre-coronavirus levels.
Streaming services such as Netflix and Disney+ have enjoyed record-setting subscriber growth during the coronavirus pandemic, with the public stuck at home. But for broadcasters with advertising-dependent models, such as ITV, Channel 4 and Channel 5, the closure of businesses and leisure activities resulted in unprecedented cuts to marketing budgets.
In the second quarter of 2020, spending on TV advertising plunged by more than 40% to £600m, while ITV, a bellwether for the health of the industry, accounting for almost half of all TV ad budgets, experienced the steepest decline in its 66-year history.