What the near future brings us?
Here is the excerpt from Wall Street Journal:
From PepsiCo to GM, Big Advertisers Set to Cancel Commitments to TV Networks.
Companies are seeking to take advantage of options that became available May 1 to cancel up to 50% of third-quarter spending.
Major advertisers are looking to pull back from spending commitments made to TV networks, the WSJ notes, as upfront options begin to allow for cutting ad outlays.
May 1 brought options for advertisers to walk back their previously committed spending by up to 50% in Q3 - and GM, PepsiCo, Cracker Barrel, General Mills, Domino's Pizza and Sanofi are taking advantage, according to the report. GM, for example, says it's shifting TV ad dollars into digital video and e-commerce.
That could cut hard: Some $1B to $1.5B in Q3 ad commitments could be canceled.
Since realizing the pandemic's severity in March, companies raced to exit or postpone their ad commitments, according to the report: “There were dozens and dozens of calls saying, ‘we need to get out of this now,’ ” says one network exec.