Sir Martin Sorrell, chief executive of WPP Group, is in gloom mode about the chances of an imminent upturn in the media industry.
Addressing a conference in Spain on Tuesay, Sir Martin opined that the current slowdown in advertising and media will continue until the second half of 2002.
Said Sorrell: “Conditions in the advertising industry are tough and the outlook is pretty gloomy. There appears to be a disconnect between what politicians say and what we are seeing in the real world.”
However, some observers suggest that the sagacious Sorrell is effectively placing an each way bet: if he’s right any decline in WPP’s performance will be seen as par for the course; if he is wrong, WPP will be better able to hit its growth targets.
News source: Media Week (UK)