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WPP Confirm Advertising “Less Worse” Than Before
Advertising company WPP eloquently described the recovering market as “less worse” than it was in the second quarter of this year.
Reported revenues for the third quarter were up for the company by nearly 17 per cent to £2 billion. The company said that the expected Armageddon in the marketing industry had been avoided and things were beginning to return to normal.
online advertising was one of the best divisions in the company, generating revenue of some £858.5 million. The online marketing department has still recorded a 6.6 per cent drop in revenue for the opening nine months of 2009 compared with the same period last year, but overall the decline was not as steep as other parts of the industry.
Company CEO Sir Martin Sorrell predicted that the 2009 revenue figures would settle at a four per cent decrease by the end of the year. Having had such a turbulent opening six months, a relatively small decline in income would be welcome news for the company.
Confidence is returning to the industry according to a WPP statement: “There is little doubt that consumer and corporate confidence has recovered somewhat from the panic levels of the fourth quarter of 2008”.
The next step for executives was to plunge forward with new marketing strategies: “Whilst the hearts of CEOs and CMOs are stronger and their minds clearer, increased confidence is still not transferring to their cheque-writing hands.” WPP expects fortunes to turn in advertising by mid 2010.
Online Advertising news posted by Scott Tickner on 30 October 2009
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