The news: Geico has laid off a “sizable” portion of its marketing department and put its over 25-year account with Horizon Media under review, Ad Age reported Tuesday.
Why is this happening? Geico is undergoing a major period of change. Ongoing troubles in the insurance industry have hurt the historic ad spender’s business, and the company’s new chief marketing officer is making changes.
Why this matters: The advertising industry’s troubles and fears of a recession are causing some of the largest ad spenders to slash budgets and rethink their marketing strategies.
The big takeaway: The ad industry’s addressability crisis isn’t looming on the horizon anymore—it’s here, and Geico is far from the only major company rethinking its advertising budget.
This article originally appeared in Insider Intelligence's Marketing & Advertising Briefing—a daily recap of top stories reshaping the advertising industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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