In late August, Facebook said that privacy changes in Apple’s upcoming iOS14 operating system would harm Facebook’s ability to place personalized ads. Under Apple’s new operating system, which will be deployed this fall, Facebook and other companies that facilitate online advertising will no longer be able to collecta user’s advertising identifier on iOS withou tthe user’s permission. On earnings calls, both Facebook and video-game publisher Activision Blizzard acknowledged that Apple’s privacy related advertising shift would negatively impact earnings. Other online platforms, including Google,are joining Apple in the privacy-focused arena by eliminating third-party cookies. This increased concern about consumer privacy is occurring simultaneously with a global pandemic that is forcing marketers to reconsider how they spend their advertising budgets. The advertising industry, already in the midst of a multi-year restructuring, is now dealing with these two “P”s – privacy and the pandemic – which are causing a marketing-spend retrenchment as well as a longer term rethinking about acceptable levels of consumer tracking, ad placement, ad effectiveness and the future of the industry.