Well, the most recent advertising forecasts are out...and we all wish it was the 60's on Madison Avenue, because even if the industry was in the same state it is now, at least we could pound some scotch at the office. John Janedis from Wachovia cut his forecast from 1.5% growth to a 0.8% decline in ad spending this coming year. Most of the big ad firms are cutting jobs. Two WPP subsidiaries (Landor and Brand Union) announced cuts last week, as did Starcom MediaVest and TBWA/Chiat/Day (150 and 20 people, respectively).
One silver lining I see to this mess in the ad world is the completely necessary disruption of failing business models, and the forcing of creative, economical and valuable ad models to emerge. And its about time. Right now I'm looking to Hulu to lead the charge on web-based video content, they've definitely got something. And with more people viewing the Thursday night SNL special after the broadcast (via DVR or online) rather than live, that "guaranteed" audience TV networks once relied on are migrating from 10 ft to 2 ft experiences in a hurry.
It is a bit ironic how one of the most popular shows at the moment depicts a dated (albeit glamorized) advertising age that is run on a network (AMC) barely scraping by on the advertising it runs during the show's breaks. I think that's too many levels to even be funny, its just confusing and hurts my head. Need more scotch.
