Videoconferencing services have found their moment. For people working from home or practicing social distancing, videoconferencing has become a necessity and is quickly becoming routine. Companies are holding meetings, friends are holding happy hours, singles are going on dates and couples are even getting married, all virtually.
As the need has spiked, so has the ad spend of videoconferencing companies like Zoom, Microsoft Teams and Slack, according to a new study from ad sales intelligence company MediaRadar.
The culmination of videoconference companies’ ad spend shot to $45 million in the first quarter of 2020. That number is three times as much as what the category spent on advertising in any quarter in 2019. The average of each quarter in 2019 was roughly $13.75 million.
Within the first quarter, the majority of increased spend occurred in March, when coronavirus took hold in the United States and companies began requiring employees to work from home. In January, the category spent $10 million. In February, that rose slightly to $11 million and in March, that spending shot up to $24 million.