Ad industry bloat–as represented by $499.1 billion in global ad spending for 2008–is over and the industry is changed forever. At least that’s the word from Sir Martin.
According to The Wall Street Journal:
The advertising industry “can return to what it was, but it’s not going to be the same,” WPP Chief Executive Martin Sorrell said in an interview following the company’s first-half results. “It’s not going to be in 30-second TV ads; it’s not going to be in newspaper or magazine ads; it’s going to be in Russia, India, China, Vietnam … and digital.”
That contrasts with some upbeat comments from ad-industry executives, who have signaled they think the worst may be over. Maurice Levy, chief executive of Paris-based Publicis Groupe SA, earlier this month said organic-revenue declines hit a bottom in June. Meanwhile, New York-based Omnicom Group Inc.’s Chief Executive John Wren last month said that while he didn’t yet see a recovery, the industry had reached a trough.
So what’s it going to be? Is it time to move to Russia? Or go to work for a digital shop?
There is an alternative. Stick with what you know–TV and print–and be satisfied with less.
