There is a ‘continued underlying weakness’ in the US network television advertising marketplace, according to a survey by Jack Myers Report of media planners and buyers.
Amongst the 125 respondents to the Myers survey, conducted in mid-February, only 16.5% expect that network upfront budgets will be greater than last year; 44.7% forecast that budgets will remain stable and 38.8% expect a decline.
This is a blow to network sellers who have recently been increasingly confident of strengthening demand, sending hopes to broadcast and cable networks that the US media economy is beginning to turn around, says Myers.
Jack Myers Report is maintaining its original December projection of full year broadcast network advertising revenues of $15,475 million, down 4.0% from 2001 levels. It also sticking with its network cable spending forecast of $8,903 million, a decline of 6.0%.
Myers will be revising its revenue forecasts for broadcast syndication, based on stronger than expected confidence among marketers and buyers that syndication spending will increase. The December forecast projected a 12.0% decline in syndication spend, which Myers will be adjusting to a 4.0% decline.
