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BizReport : Advertising : August 28, 2007
Subprime advertising on the decrease
A potential mortgage crisis could see ad spending by the financial services sector decrease substantially and, even now, much of the subprime advertising has begun to disappear.
Internet companies could see much of their advertising disappear as a potential mortgage crisis looms. According to Nielsen/NetRatings’ estimates, mortgage companies spent around $378 million on Internet display advertising in the first six months of this year, and many companies also bought search advertising.
In fact, 16 percent of all online advertising comes from financial services companies, second only to the retail sector, according to an internet analyst at Oppenheimer. Countrywide Financial, one of the U.S’s largest online advertisers, spent $34.8 million in July this year on internet advertising alone.
In a recent article, the Financial Times quoted David Jakubowski, general manager of Microsoft’s MSN service as saying, “A lot of the subprime [advertising] has gone away.” He added that, while he hadn’t seen anything “crazy” happen to date, the company would continue to monitor the situation.
Tags: display advertising, financial services, online advertising, subprime
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