The reduced advertising spending is believed to be one of the reasons that led to the reported retrenchment exercise by Media Prima Berhad, the second such exercise in less than six months.
The memorandum was prepared in consultation with Commercial Radio Malaysia, Malaysian Media Specialists Association, Malaysian Advertisers Association, Malaysian Newspaper Publishers Association and Outdoor Advertising Association of Malaysia . “In the last four months, only 80% or less of businesses were operating at full capacity while some temporarily suspended operations .
They estimated that advertising spending will drop by 20% year-on-year by the end of 2020 and revenues are expected to flatline. The association added a further 20% of agencies are expected to downsize or close over the next three months if conditions do not improve.
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