The first edition of
On media, a new publication from the UK's Valuation & Strategy team, focuses on the future of the UK TV advertising market and asks whether it is in structural decline or is the recent decline merely a
cyclical blip.
Using leading-edge econometric modelling we suggest that the reported decline in the advertising revenues of the "traditional" TV channels (ITV1, Channel 4 and Five) during the first half of 2006 is primarily a result of declining audiences and economic conditions. We estimate that this explains some 70% of the decline in growth compared to a historical average but it also appears that some of the decline also reflects a fall in the attractiveness of the TV as an advertising medium.
Though this paper focuses on the UK market, the impact in the decline of advertising revenues for traditional broadcasters is something which is being experienced by our clients in other countries across the world.
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