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The $3 billion decline — to $224 billion — represents a 1% drop from previous forecast, meaning ad and marketing spending could still be up 4.8% from a year ago.

If the spread of COVID-19 continues, that could result in increased ad spending in areas such as mobile gaming or streaming services if consumers end up spending more time at home amid the outbreak.

A Nielsen study says that 93% of American consumers will increase or maintain existing streaming services and also reveals that 20% of consumers said they canceled the service after seeing all the content that interested them.

Although mobile video ad-spending and viewer numbers are surging, most streaming still happens through TV sets, according to a recent study from eMarketer.

Michael Cavanagh, Chief Financial Officer of the company, said at a UBS investor conference in New York that the company “will ramp quickly next year on spending on Peacock”.