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Radio suffered its worst decline in March since November 2001, with revenues slipping 8 percent.
Radio, already struggling, is beginning to be hit by the weakness of the economy, according to Marci Ryvicker, an analyst with Wachovia (via Radio Ink).
Local revenue was down 8 percent compared to the same month in 2007, with national down 17 percent, writes Radio Online. Local and national together fell 10 percent.
Ryvicker says small-market and large-market radio companies are both at risk to miss their Wall Street forecasts for 2008, by an average of 2 percent. She has reduced her estimate of the industry, down from minus 1 percent to minus 2 percent.
Radio revenue is expected to face a loss of 3.1 percent in 2008, compared to 2007, but may stage a return to positive revenue growth in 2009 thanks to a better economy and digital revenue streams, according to a new forecast from BIA Financial Network.
All sectors of the media business will suffer from the weakened economy in 2008 and 2009, with a slump in local advertising particularly hurting newspapers and local TV, according to a new projection from Goldman Sachs.
Broadcast nets will experience…
The New York Times is shuttering its International Herald Tribune site; NYTimes.com will soon host the international news normally reserved for its sister website.
The move is not about cost savings, but rather about growth, NYTimes.com general manager Vivian Schiller…
Unilever’s Vaseline set forth on an unusual research project in a small town in Alaska. Setting up a storefront, the company began giving away free bottles of lotion and asking recipients to name the person who had recommended they come…
Meet the Press, the show hosted by Tim Russert for 17 years before his death last June, is beginning to slip in ratings.
Last month, CBS’s Face the Nation pulled ahead of Meet the Press for the first time in two…
Bloggers collectively create nearly one million blog posts each day, and half of bloggers believe blogs will be a primary source of news and entertainment in the next five years, according to Technorati’s 2008 State of the Blogosphere Report, MarketingCharts writes.…
Wal-Mart and Costco reported same-store gains in September, with sales rising 2.4% and 9% respectively. Sales at Target stores open at least a year fell 3%, writes Retailer Daily.
Below, fiscal results from the discount retail giants:
Sales of food and…
