Ad Spending Falls At Steepest Rate Since 2001

september 24, 2008  08:47 am
Spending across the major U.S. media fell 3.7 percent during the second quarter of 2008, and 1.6 percent during the first half of the year, according to new data released this morning by ad tracking service TNS Media Intelligence. Media Daily News reports the decline, the steepest since 2001, reflects the worsening of the U.S. economy, and a slackening of demand from major marketers for most major media. TNS senior vice president for research Jon Swallen notes that spending in 2008's second half is likely to be "bolstered by the Summer Olympics and political elections," but warns that "sustained improvement will most likely depend on a turnaround in consumer spending that rejuvenates corporate profits and encourages marketers to expand their advertising efforts." The newspaper sector was the hardest hit, with total newspaper ad spending down 7.4 percent year-over-year, and local newspapers down 7.1 percent.