ZenithOptimedia revises global ad spend down... again

Media buyer firm ZenithOptimedia has once again revised global advertising spending for 2008 downwards from June's 6.6% to 4.3%, reports AdAge.com. Likewise, next year's ad spending forecast is also down, from 6% to 4%.

"The reason for the downgrade is primarily the financial shock caused by the bank failures during the latest phase of the crisis in financial markets, which has spread uncertainty and undermined confidence in the wider economy," said ZenithOptimedia.

Amidst the gloom and doom, which is slowing seeping from Wall Street to Madison Avenue, Internet advertising is expected to grow its share of the global advertising market. ZenithOptimedia revised online's share of the ad market up slightly from 13.6% to 13.8% as marketers seek out more measurable and accountable marketing channels.

Tags: global advertising spend, online ad spend, ZenithOptimedia