|The Brexit Could Shake Up the UK Media Industry
By: Business Insider
The U.K. has voted to leave the European Union last week, which threw the global market into panic and created a sense of uncertainty about the future of Europe.
It's unclear if the Brexit will have any specific effects on the digital media industry in the short or long term, but there are numerous potential consequences already on the table.
Earlier this month, Group M, the global media arm of WPP, tweaked its TV and newspaper ad spend forecast to compensate for a potential Brexit, according to The Guardian. Previous forecasts said U.K. TV ad spend would grow 7.1% in 2016, but that number drastically reduced to 2.6%. Furthermore, Group M lowered its total U.K. ad spend growth estimates from 7.2% to 6.3%.
This decrease stemmed from ad buyers' hesitation to spend money in the weeks before the referendum. Had the U.K. voted to remain in the EU, the ad market likely would have stabilized. But a vote to leave would have placed more downward pressure on U.K. ad spend, according to Sir Martin Sorrell, the CEO of WPP.
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