Whilst there are now signs of a recovery in advertising spending around the world, it is by no means clear that the recovery will be either strong or uniform, according to analysts at Lehman Brothers.
The US is leading the way, followed by Europe. Asia – excluding Japan – is showing signs of recovery and even in Japan there are some signs of a turnaround, says the broker. This analysis concurs with that of the IMF, which found the US is leading recovery, followed more slowly by Europe (see
US Leads Global Economic Recovery After ‘Near-Recession’ In 2002).
Lehman says it has a generally positive view on advertising, although notes that only in H2 will year on year growth comparables get significantly easier.
Television In Europe, France and Italy appear to be well ahead of the UK and Germany in terms of the TV advertising recovery, says Lehman. In Japan, Tokyo Broadcasting System and Fuji TV look to have had a less bad March (-10% and –9% respectively) while NTV is in the range –10% to –15%.
In Asia – excluding Japan – some markets are showing signs of recovery (Thailand, Korea and China) while others (Hong Kong, Singapore and Taiwan) may have leveled out but are not recovering. In Latin America, Mexico’s TV Azteca is also showing signs of an advertising recovery.
