Online advertising hit by wall street crisis
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The financial meltdown is having a big impact on online image based advertising revenues. According to a study by the Neilsen group, financial services companies are hurting and cutting down on ad spending.
Compares to the first 2 quarters of 2007, financial services companies have spent 27% less in the first two quarters in 2008, a decrease of almost $400 million. This has resulted in the total dollars spent in online image based advertising to drop by 6%, all categories inclusive.
Despite this, the online advertising market remains strong as more traditional sectors like Automotive, Entertainment and Consumer goods are realizing the need to advertise online as more consumers are spending time surfing the web, using internet search etc.
- Automotive - ad spending up 45% from $208,170,300 in 2007 to $301,249,900 in 2008
- Consumer goods - ad spending up 32% from $221,238,600 in 2007 to $292,940,800 in 2008
- Entertainment - ad spending up 47% from $140,266,100 in 2007 to $206,145,600 in 2008
Despite the 6% decline, when including paid search figures as publicly reported by the major search providers, along with the projected growth of online video advertising, it is estimated that overall online ad spending
increased approximately 11 percent during the first half of 2008.
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