The UK media stripped advertising from TV, radio, and billboards as millions of viewers tuned in to follow every aspect of the Queen's death, leading up to the monarch's funeral on Monday. 

While individual media owners instituted differing lengths of ad-free periods, independent media analyst Ian Whittaker said the blackouts and reduced advertising levels over the national mourning period could represent a deficit of around 107 million pounds ($122 million) in a worst-case scenario.

Douglas McCabe, CEO and director of publishing and tech at Enders Analysis, estimated the lost advertising could equate to around 15 million pounds ($17 million) a day for TV companies, 2 million pounds ($2.3 million) for radio, 2 million pounds for billboard owners, and 1 million pounds ($1.1 million) for newspapers.

For the entire mourning period, that could mean a 60.5 million pound ($69 million) shortfall for the UK's TV industry alone, said media analyst Alex DeGroote.

However, this might make ads more expensive, Whittaker said. "The obvious unknown factor is whether adverts that are pulled will come back into the system at a later date and crowding out other adverts, which then pushes prices up," he said. 

In the meantime, extra sales from consumers snapping up limited edition commemorative print might have helped offset some of the lost ad revenue, McCabe said, though the newspaper industry should have printed more papers for the morning after the announcement of the Queen's death.

"They could have sold three or four times more," McCabe said. "Demand for newspapers was greater on Friday [September 9] than it has been for many decades, with retailers selling out early in the morning."

Overnight ratings figures from UK TV ratings body Barb suggest BBC One's audience peaked at just under 20 million viewers, while ITV reached a peak of 5.3 million. Those figures don't include people who watched the service on streaming apps or on screenings in locations like parks and pubs.

ITV, the UK's largest commercial broadcaster, pulled ads from its main channel on September 8 as it switched to rolling coverage of the monarch's worsening condition. The ITV 1 channel remained ad-free for a further 72 hours. The broadcaster also didn't run any advertising on any channel for the entire day of the Queen's state funeral.

A spokesperson for ITV said it kept advertisers informed of the changes and offered them alternative airtime.

Channel 4 removed all ads from two of its main TV channels following the announcement of the Queen's death until the morning of Saturday 10th September. It also instituted a 24-hour advertising blackout on the day the Queen was laid to rest.

While media companies returned to running some advertising during the national mourning period, they removed ad content that was potentially sensitive — such as government, funeral, and life insurance commercials.

"We understand the balance of protecting and supporting both viewers and advertisers alike, it is therefore essential that we use all the resources we have to prioritise [sic] removing all advertising and sponsorship that would be objectively likely to cause harm and offence [sic]," wrote Sky Media Managing Director Brett Aumuller in an email to media agencies on September 10, seen by Insider.

Lindsey Clay, CEO of UK TV's marketing body Thinkbox, said that broadcasters wanted to reflect the national mood, but are now focused on helping TV advertisers "get back to normal."

UK commercial radio stations, which switched to more somber playlists, also removed ads for varying lengths of time. US tech giants including Snap and Twitter also suspended running some ads in the UK for a short time following the news.

But even when advertising returns, UK media companies remain in a tight spot due to soaring inflation and a gloomy economic outlook. The loss of the Queen could deepen some of those challenges.

"For me, the long-term damage is more worrying," said DeGroote. "Without the Queen, I think the UK loses some of its tourist appeal and soft power, which will impact advertising. And the economic outlook is grim with the energy crisis."