Jack Myers Paints A Bleak Picture

From what I understand, people tend to listen and respect Jack Myers. Writing on The Huffington Post, he says things in Ad Land don’t look good, and may stay that way for a while:

While I have been a bear on the 2009 media economy since 2007, I’m joining the chorus of forecasters who are expecting the market to be far more negative than originally anticipated. If current projections hold, advertising revenues will decline for the first time since the 1930s for three consecutive years from 2008 to 2010. And for the first time total marketing communications budgets will also decline, reflecting an overall decline in total marketing budgets for the first time since the great depression. (Myers is the only major forecaster that incorporates 18 media categories including emerging growth media plus six marketing communications categories in our forecasts.)

Ouch. He’s not just predicting a shift in spending away from traditional media, he’s predicting a reduction across the board.