The ad economy is in the pocketbook of the beholder

The global advertising economy has been experiencing two simultaneous shifts. The first is a weakening in traditional media outlets, which is part of the normal economic cycle; as mature markets have entered recession, emerging markets are still booming, resulting in worldwide growth, though at a lower level than before.

The ad economy is in the pocketbook of the beholder

Joe Mandese

There's a joke economists like to use to describe the differences among economic downturns. 'A recession', they say, 'is when you are out of work. A depression is when I am unemployed.' That sense of humour may seem a little morbid following last month's economic meltdown, but it's also an especially apt way of describing what has been happening to the global advertising economy. It's no surprise that advertising growth had been slowing down in the period leading up to this autumn's financial crisis. But depending on where...

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