There is light at the end of the COVID-19 tunnel, according to former WPP boss and current CEO of S4 Capital Sir martin Sorrell.
Speaking on the AdExchanger podcast, Sir Martin regaled his belief that the media and marketing sector will bounce back from the current crisis.
What this will look like and when it will happen is still up in the air, however.
“I think, if [the recovery] isn’t V-shaped, it will be the reverse of a square root – long on the downside and a sharp uptick, maybe not quite as high as the downside,” he said.
“So I do think we’re going to see a very significant recovery, not in Q2 obviously, maybe not in Q3 but in Q4 and into 2021.
“I don’t think we should underestimate the frustration and energy that’s been built up in the last few weeks by being in lockdown.”
Speaking on the UK’s Sky News a couple of weeks ago, Sorrell hypothesised how the CIVID-19 outbreak would “accelerate the digital revolution” as it will highlight businesses’ and consumers’ dependence on technology.
He echoed this belief in his latest interview.
“At one level, consumers are going to change their habits more rapidly, they’re buying more online, they’re corresponding online,” Sorrell said.
“And I think you’re going to see media owners shift even more rapidly [towards digital].
“And most importantly, the enterprise managers are going to shift even more rapidly in terms of digital transformation.”
He also urged against comparing the current situation with previous financial crises.
“This is wartime. This is not the 2008 financial crisis. This is not 9/11. This is not the internet bust of 2001/2002,” he said.
And according to Sorrell, the uniqueness of the current situation must illicit a unique approach to recovery.
“This is as close as you get to war – virtual lockdown – and therefore it’s different,” he said.
“So comparing it to recessions that have come before is meaningless and I don’t think ‘spending your way out’ of the recession is the way to go because companies are fighting for their lives – there may not be an out for them.”
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