The worst of the advertising recession is over and the long-term outlook is bullish, according to speakers at a Lehman Brothers media conference, held at the beginning of this week.
Sir Martin Sorrell, chairman of global communications network WPP and a key prognosticator, says that the prospects for 2003 are slightly better than 2002, with a real boost coming in 2004 due to the US elections and the Athens Olympics.
Sorrell says that the impact on advertising of a war in the Gulf would be negative in the short term, but probably not that bad in the longer term, over which he expects revenue growth to outpace GDP.
Roger Parry, chief executive of outdoor advertising group Clear Channel International, says that the US market is definitely getting stronger and that the worst is over.
The UK is looking brighter – with encouraging forward orders – whilst Europe remains patchy, with some ‘horrible markets’, says Parry.
