Growth as high as six percent is forecast for the US adverting industry in 2003, predicts Outlook for Advertising and Media, a report produced by financial information specialist Global Insight.
The main source of growth, says the report, will be increased spending on radio, cable TV and the internet – bringing to a timely end the slump that saw a 6% revenue decline during 2001.
The recovery will be propelled by increased spending from the entertainment, wholesale trade, and services sectors, with the benefit also reaped by outdoor media, newspapers and broadcast TV - albeit not by such large percentages.
Comments Global Insight’s John Rose: “This is very good news for the advertising market in general, and a ray of light for the economy as a whole. Hard-hit media companies such as AOL Time Warner, Disney and Viacom will feel substantial relief in 2003, as corporate profits improve and increased retail sales drive advertising spending though the year and on into 2006.”
Data sourced from: BrandRepublic (UK); additional content by WARC staff