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Broadcasters are facing the prospect of the worst year for TV advertising since the recession of 2009, as uncertainty over Brexit has seen companies take more than £400 million (€446m) from marketing budgets.
Before the UK voted to leave the European Union in the summer, analysts had predicted another propsperous year for the TV ad market. However, industry sources now fear the market could experience a huge negative swing with total advertising revenues potentially being down 1 per cent to 2 per cent, according to The Guardian. This would result in the market contracting by about £420 million, to £4.28 billion, this year compared with the growth forecasted at the beginning of 2016.
If the market falls by 1 per cent to 2 per cent it will be the biggest decline recorded since 2009’s recession-fuelled 11 per cent decline in the wake of the credit crunch.