U.S. digital ad revenue grew to a record-breaking $125 billion in 2019, up 16 percent over the previous year, according to the Interactive Advertising Bureau’s twice-yearly report prepared by PwC.

Many fear that in 2020 the impact from a “perfect storm” of circumstances—the coronavirus pandemic, economic recession, the demise of third-party cookies and increased consumer privacy regulation—may lead to the first decline seen in U.S. digital ad revenue for more than a decade.

The IAB coupled its annual report with revenue figures for the first quarter of 2020, which showed 12 percent growth year on year, or about $31 billion. March, however, was “sharply impacted” by the coronavirus, the IAB says.

“The first quarter of 2020 revenues mark the slowest year-over-year quarter growth since 2010, when revenues increased 8.6 percent from the prior year,” according to the report. “Many companies are expecting a continuing negative impact to the second quarter and significant uncertainty as to the severity and duration to the quarters beyond.”