Gloom Hits Adland - But 2002 Was Worse!

01 October 2008

LOS ANGELES: Congress's failed-bailout of Wall Street spread further gloom across US adland Tuesday, downing the Ad Age/Bloomberg index AdMarket 50 by 6.4% - its biggest percentage fall since the indicator's birth in 2000; and two full percentage points below the reading that followed the 9/11 atrocities.

In PollyAnna mode, AdAge notes that the current Admarket  reading – dire though it may be – is 'only' at a two-year low, well above the post-bubble trough of 2002. As is the Dow Jones Industrial Average.

Or to quote Lee Hazlewood's memorable 1968 lyrics: "I've Been Down So Long It Looks Like Up to Me". 

In the wake of  Monday's plunge, only two AdMarket-listed firms posted gains: newspaper publisher McClatchy Company and radio-station operator Entercom Communications.

American Express led AdMarket's southbound stampede with a 17.6% fall, while other Admarket-listed marketers experienced varying degrees of misadventure …

  • Ford Motor Company (down 13.3%) 
  • General Motors (down 12.8%) 
  • Intel (down 10.1%) 
  • Microsoft (down 8.7%) 
  • Coca-Cola, PepsiCo and Procter & Gamble, (down 3% or less).
While within the media market …

  • Comcast (down 13%) 
  • IAC/InterActiveCorp (down 12.6%) 
  • McGraw-Hill (down 11.8%) 
  • Google (down 11.6% to $381, roughly half its $747 alltime high  last November).
Nor were the world's three biggest marketing services conglomerates spared …
  • WPP Group (down 13.3%)
  • Interpublic Group (down 11.4%).
  • Omnicom Group (down 6.9%)
Meantime, the chomping sound you hear is the eating of words by BBDO Worldwide ceo Andrew Robertson, who last week opined: "For some other sectors [than auto], the problems will be confined to Wall Street rather than Main Street."

Data sourced from; additional content by WARC staff