Jun 23, 2020 - Economy
Google expected to lose ad revenue in 2020 due to coronavirus pandemic
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Google, the world's largest advertising company, is expected to lose ad revenue compared to last year due to the novel coronavirus pandemic, according to new figures from eMarketer.
Why it matters: It's the first time it's expected to see advertising declines year-over-year since eMarketer began tracking the company over a decade ago.
- A large part of that loss can be attributed the declines in ad spend by the embattled travel industry, per The Wall Street Journal, which first reported the numbers.
The big picture: Ad-buying agency GroupM said in a forecast last week that it expects digital ad spending in the U.S. to decline 2.3% during 2020, following nearly a decade of double-digit growth.
- Facebook, Google, and other tech giants, which are now the largest ad businesses in the world, are expected to bear the brunt of those losses.
