©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
Citing recent economic turmoil and continued sluggishness in consumer and manufacturing spending, media forecasters have downgraded their projections for overall ad spending next year. However, online remains a bright spot for the next several years, according to recently released reports.
Last month, Magna Global and Zenith-Optimedia issued revised ad spending forecasts reducing earlier projections. Magna Global, a division of IPG Mediabrands, said U.S. ad spending would grow by 2.9% next year, down from its June forecast of 4.8% growth. Its forecast for growth this year over last year remained unchanged, at 1.6%.