• Adweek, Thursday, October 30, 2008 9:30 AM

The media marketplace could be mired in a recessionary climate for the next three years, according to Rino Scanzoni, GroupM chief investment officer. He insists that the current downturn will last significantly longer than the dip experienced in 2001. "It will be a very slow process."

Scanzoni, speaking on a International Radio and Television Society panel, said that next year overall media spending could be down 2% to 3% percent -- or flat at best.

But all is not lost. He also cited two positives: Commodity prices are dropping, which eases the pressure on corporate profits, and the downturn should spark innovation as buyers, sellers and clients try to be more effective and efficient.

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