At the same time, the agency revised its outlook for North American advertising growth down to 3.5% for 2008, two-tenths of a percentage point lower than the 3.7% rate it projected in March. The outlook for Western Europe was revised down to 3.7% from 3.9%.
Much of the growth in both worldwide and regional ad spending is coming from online media, ZenithOptimedia said, noting, "Internet ad growth continues to run ahead of expectations. Faced with an uncertain economic future, Western advertisers are shifting even more of their budgets online, where the returns on their investment are obvious, and easy to quantify and fine tune. Internet ads are cheap, easy to target and to customize for particular audiences."
The agency now forecasts Internet advertising will grow 26.7% and break through the 10% share barrier this year, "a year earlier than we predicted just three months ago. By 2010 we predict it will attract 13.6% of all advertising, well ahead of our previous prediction of 12.3%."
advertisement
advertisement