»
Robert J. Coen, SVP and forecasting director at Universal McCann, again lowered his growth forecast for U.S. advertising spending in 2007 - but said the growth rate would be stronger in 2008, reports the New York Times (via MarketingCharts). He also reduced his final ad spending estimate for 2006 - from $285.1 billion to $281.6 billion.
In June 2006, Coen predicted that 2007 ad spending would total $303 billion, then in December reduced his estimate to $298.8 billion in December - and reduced it further yesterday to $290.3 billion - an increase of 3.1% from 2006.
But in his first forecast for 2008, Coen said U.S. ad spending would reach $305 billion, or 5% more than his forecast for 2007.
“The biggest problems are on the local level,” Coen is quoted as saying, citing fewer local retailers as a result of their being overtaken by national chains as well as the migration of classified advertising to the web.
Internet advertising will undergo the most robust growth, according to Coen’s forecast; he expects spending to increase 17% from 2006.
Coen expects growth in overseas ad spending to again surpass the U.S. rate, as it has since 2003. He forecast that ad spending outside the U.S. would reach $339.8 billion in 2007, up 5.2% from his revised estimate of $323 billion for 2006.
Worldwide ad spending will reach $630.1 billion in 2007 - surpassing $600 billion for the first time - Coen predicts; that’s up 4.2% from $604.6 billion in 2006.
For 2008, Coen estimates worldwide ad spending will reach $665 billion - a 5.5% increase from his 2007 forecast.
The text (pdf) of Coen’s forecast is available via the New York Times website.
Katz Media Group has added another new client, Lincoln Financial Media, and will sell ad time on the company’s 15 stations beginning immediately.
Katz also added CBS Radio and Entercom last week, picking them off from Interep’s list.
Katz has also…
Last week, Aegis Group CEO Robert Lerwill resigned unexpectedly, sparking speculation that a takeover may be on the horizon.
Lerwill stepped down officially today (Monday), with Aegis chairman John Napier taking over his duties on an interim basis, writes MediaPost. People…
Out-of-home companies are bracing for the recession like everyone else, but they may not feel the sting as badly as other media.
Though the third quarter brought negative growth to the nation’s three largest OOH companies - Clear Channel Outdoor,…
The 82nd annual Macy’s Thanksgiving Day Parade pulled an average 12.6 rating/26 share on Thanksgiving morning, Nov. 27, according to Nielsen.
That was 8% higher than its telecast last year, Mediaweek writes. NBC estimated that a total 44.7 million viewers…
Top American non-luxury auto brands received higher ratings and less negative comments from online consumers than competing Japanese brands, according to an analysis of consumer opinions collected from automotive review websites by Biz360, MarketingCharts reports.
The research, which aggregated a year’s…
Email, news gathering and paying bills continue to be the most widely used online activities among U.S. adults, but downloading TV programs, watching videos and making web phone calls posted the biggest overall growth, according to data from Mediamark Research…
