Will digital marketing see more money as out of home ads fall?

Out of home advertising is seeing real time impact from the COVID-19 pandemic. Brands are pulling billboard advertising and out of home advertising companies are seeing the fallout in falling stock prices. Will this translate into money being reallocated to digital marketing and advertising? While the logical answer might be yes, it’s hard to predict because the circumstances we are in. Taking myself as an example, I’ve virtually stopped by any new clothes because I am working from home full time (I have however, bought 3 pairs of leggings) and no amount of digital marketing or advertising is going to entice me to purchase right now. So that giant Madewell ad in Times Square? Don’t waste your money moving that into digital ads. When I think about all the out of home marketing I saw pre-COVID-19, I can’t think of many who would benefit from moving online: luxury goods, retail, travel, events like concerts or shows. So what’s the best way forward for these companies? It's probably better funneled into other efforts like trying to optimize operations or increasing front line customer service operations. Personally, I think most companies will hold on to the savings and tighten budgets as we head into turbulent economic times. The financial crisis wasn’t that long ago for many companies to forget the consequences of a serious economic downturn.