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The impact of the Covid-19 pandemic had already taken a dent out of overall U.S. ad spending and also threatens to halt what had been a run of double-digit growth in digital advertising. Even the duopoly that drove remarkable growth since the 2008 recession is not immune from this crisis. The elastic pricing that relies on healthy demand for programmatic, social and search is deflating any other ad spend that remains, with some of the lowest CPMs in recent history.
