U.S. advertising revenues in August took an expected hit -- down 7% for the month -- largely due to unfavorable comparisons to high TV media spending from the Summer Olympics in August 2016.
Standard Media Index says overall TV advertising spending for the month was down 25%, with broadcast TV networks sinking 54% and local TV station national spot advertising down 35%.
Cable TV networks and U.S. syndication fared much better -- losing just 1% and 2% in the month. Local cable advertising grew 9%.
All the while, digital media continued to grow -- up 12% in the month. Social media was up 26%, while search advertising gained 17% and internet radio was 36% higher. One of the big losers -- partly due to the Olympics performance of a year ago -- was TV network-associated digital advertising, down 20%.
Like TV, other traditional media during the month endured losses. Magazines were down 12%, while newspapers dipped 5%, radio dropped 5%, and out-of-home fell 4%.
Looking at the calendar year to date (January through August), SMI reports that U.S. advertising is still up 2.4% versus a year ago.
Digital media is up 11%, while national TV is down 4%, radio has lost 5%, and out-of-home slipped 1%. Magazines were off 13%, and newspapers saw a steep drop of 18%.
SMI research comes from major U.S. media agency billing systems, representing about 70% of all U.S. agency spending.