Advertisers stare into the coronavirus abyss [Reuters]
WPP plc American Depositary Shares (WPP)
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Source: Reuters
Advertisers stare into the coronavirus abyss LONDON (Reuters) - The cancellation of major sporting events and the decimation of the luxury, entertainment and travel industries is delivering a hammer blow to a global advertising industry that was already reeling from years of tech-led turmoil. What should have been a bumper year with the Euro soccer tournament, Tokyo Olympics and U.S. election looks like it could be one of the worst for ad giants WPP, Omnicom, Publicis and IPG as the economy shuts down. Advertising executives told Reuters that clients are pulling campaigns, photo shoots for glossy magazines are off and major brands are cutting budgets to conserve cash after the outbreak upended the way consumers go about their daily lives. “This is a very sudden, immediate and significant hit to people’s revenue and bottom line. A lot of people will go to the wall as a result of it,” Michael Moszynski, chief executive and founder of the LONDON Advertising agency, told Reuters. “All the
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WPP
Sec Filings
- 11/14/24 - Form SC
- 11/6/24 - Form 6-K
- 11/1/24 - Form 6-K
- WPP's page on the SEC website