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Another media forecaster has cut his predictions for media ad spend for 2008. Magna’s Bob Coen predicted in December that overall, U.S. ad increases in 2008 would be 3.7 percent, but he is now saying national ad spend will gain just 2 percent.
Interactive spending will see a 12 percent growth, compared to the 16.5 percent growth he was expecting in December, according to paidcontent. Worldwide ad spend will be up 4.4 percent, down from the 4.6 percent he predicted in December.
Local advertising will be hurt the most, due to consolidation of retailers and local product dealers, compounded by the internet, Coen said yesterday during a presentation in Manhattan. Local advertising will be down 2.4 percent, he predicted. However, Coen believes things will improve in the second half of this year, writes Media Life.
The reason for the change in predictions is attributable to the fact that the slowdown in the ad economy was far more advanced in December than was known, Coen said.
Coen also offered his first prediction for 2009, saying ad spending will climb 3.1 percent. “I don’t think 2009 will be a great year,” Mr. Coen said (via The New York Times), “but the comparisons will be easier” because of the sluggishness this year.
(For more data, including tables, see the coverage by MarketingCharts.)
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