ITV Giants Hit by [Pound]70m Slump in Advertising

By Mcghie, Tom | The Mail on Sunday (London, England), August 5, 2001 | Go to article overview

ITV Giants Hit by [Pound]70m Slump in Advertising


Mcghie, Tom, The Mail on Sunday (London, England)


Byline: TOM MCGHIE

ITV is suffering the worst advertising slump in its 45-year history, and the downward spiral is accelerating, an influential report will reveal.

Zenith Media, a leading buyer of advertising space for companies, believes that spending on ITV advert slots this year will be down by five per cent on last year.

This will cost ITV's two main companies, Granada and Carlton Communications, [pound]70 million, according to analyst Merrill Lynch.

Only two months ago, Zenith forecast that the fall would be only one per cent.

In some months, advertising booked on ITV has been down by 20 per cent.

'Things are a lot worse than we predicted,' said Jonathan Barnard, manager of Zenith's Knowledge division, which monitors advertising trends.

Zenith is so concerned that it is considering bringing forward publication of its quarterly report, due in October, to the end of this month.

The speed of the decline is vividly illustrated by comparing the latest downgrade with Zenith's forecasts for the year, published last December.

Total advertising spend was forecast to increase by five per cent this year. But Zenith now expects a fall of four per cent.

The gloomy predictions, which are in line with some of the latest downgrades by media analysts, will be discouraging for executives at Granada and Carlton Communications, who hoped to see signs of a recovery this year.

Though advertising is below predictions in all branches of the media, ITV is bearing the brunt.

Granada's and Carlton's revenues are expected to drop by about [pound]300 million to [pound]1. …

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