Global advertising revenues are forecast to fall by 2% on an industry-wide basis in 2002, according to Michael Bungey, chief executive of Cordiant Communications, the company which owns the Bates Worldwide advertising network.
Announcing his company’s year-end financial results this morning (see
Cordiant Profits Hit By ‘Extremely Difficult’ Year), Bungey said that a 2% decrease in revenues is likely this year, followed by a 2% increase next year. He added that there is some stability entering the market, but that it is nevertheless difficult to predict the timing of an upturn.
Some commentators are predicting that the upswing will begin in the third quarter (see Majority Of Media Executives Expect Ad Recovery In Q3 2002); Bungey says that Cordiant cannot currently see that far ahead.
