The annual UBS Media Week Conference - the entrail-raking adspend convocation that traditionallly sunders Thanksgiving from Christmas - is once again in full pelt.
Topping the bill as usual was venerable prognosticator Bob Coen, director of forecasting at Universal McCann. Addressing an audience of his media peers, investors and analysts Coen was upbeat: "The year 2005 looks like it's going to be a very good year for the advertising industry," he opined.
He forecast that US adspend next year will soar 6.4%, while on a global scale Coen expects growth of between 5% and 7%.
On the domestic front, expenditure growth in direct mail, internet and cable TV, Coen's crystal ball envisages spend of some $280 billion (€208.47bn; £144.16bn), a year-on-year increase of 6.4%.
Also pounding the podium in upbeat mode was Steve King, worldwide ceo of ZenithOptimedia. He predicted "the internet will shortly overtake outdoor as a mass medium", adding that the Asia Pacific region will see the largest upsurge in total advertising outlay over the next three years.
King also believes that 2005 promises the best global adspend scenario since 2000, with global spending growth of about 5% - nudging 6% in 2006 and 2007. To date, 2004 global ad spending has grown nearly 7% to $370 billion.
He also reiterated the prediction that at current rates of ad spending growth, "Asia will eclipse Europe within ten years" [WAMN 06-Dec-04]
Data sourced from AdWeek (USA); additional content by WARC staff