Here’s a little contrarian piece on Portfolio.com (the web site of Conde Nast’s Portfolio magazine):
Sure, the U.S. could be in a recession. Consumer confidence is declining. Food and gas are so expensive it’s more cost-effective to stay home and diet.
But the advertising business (of all things!) is actually benefiting from the painful spectacle of the traditional media landscape fragmenting into shards. The internet is continuing to oust broadcast TV, print, and radio from their once-secure position as the automatic repository for ad dollars, and the complex environment that’s been rattling the advertising and media industries could actually function as an economic buoy during these hard times.
Here’s how it works. Advertisers and the companies that service them now need a multitude of ways to drill their messages into the public consciousness. That desperation plays right into the hands of the giant holding companies that now own everything from traditional ad agencies to media planning and buying businesses to PR firms to promotions specialists to digital advertising agencies with expertise in hot, new areas like search-engine optimization.
So what’s going on at your agency? Are clients cutting spending? Are they just moving it around? Do you feel the effects of the recession where you work?