Group M Foresees TV, Press Revenue Slump
Despite any windfalls generated by Euro 2012 and the London Olympics, Sir Martin Sorrell's Group M estimates that TV and press advertising revenues will fall by more than £350 million in the UK during 2012. However, the slump in print and broadcast will be more than offset by a boom in digital advertising, according to the media buying network. Group M slashed its forecast for TV ad revenue growth this year from 3% to 0.1% – and says that national newspapers will suffer sharper than previously predicted falls in spending. In December Group M forecast TV ad revenue to come in at £3.56 billion, but it has now stripped more than £70 million from that prediction.