Despite the effect COVID-19 had on businesses, content marketing remained relatively steady and is projected to be more of a priority in 2021, according to a recent report. The Branded Content Project, an initiative by the Local Media Consortium, Local Media Association and Facebook Journalism Project, has released the report on content marketing in collaboration with Borrell Associates.
With expenditures on advertising falling by double-digit percentages in 2020, the report, “Sizing the Content Marketing Opportunity,” projects that the amount spent on content marketing will be down just 1.5%, to $63.3 billion. The decline is due almost wholly to the retraction of marketing activity in a few dozen categories that have been hit hardest by the pandemic, said a news release on the report. Travel/tourism, live entertainment, sporting events, clothing, and recreation have reduced content marketing expenditures an average of 19% due to business slowdowns or shutdowns.
Content marketing has increasingly become a popular option for advertising for businesses, including small businesses, says the release. According to a Borrell Associates’ October 2020 SMB panel on content marketing, 46% of small businesses said they used branded content in some form; 45% said it had become more of a priority in 2020; and 56% said it would be more of a priority in 2021.