Fear and loathing on Madison Avenue: Google breeds agency angst

Joe Mandese

Joe Mandese, in his regular update from Madison Avenue, draws some worrying parallels between the mood in 2000 (when Enron was extending its tentacles into the advertising media scene, just before the dot-com bubble burst) and 2006 and Google's current tentative moves into conventional advertising media territory.

Fear and Loathing On Madison Avenue: Google Breeds Agency Angst

Joe Mandese

In some ways 2005 ended on a note that was oddly reminiscent of the mood on Madison Avenue during 2000, the year that preceded the bursting of the dot-com bubble, the US stock market crash and a global advertising recession.

The names had changed, but internet-related stocks were once again flying high, and at earnings multiples that seemed to confound investor logic. Big ad agencies were again singing the praises of digital media, especially the internet. And some of the ad industry's biggest buyers were again expressing concerns...

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