The IPA's latest Bellwether survey indicates that the rate of adspend budget cuts slowed in Q1 2009, writes Brand Republic. The IPA also found that the number of firms with positive outlooks grew from 5% to 14%. The IPA believes that the bottom of the market has now been reached, although the majority of firms are still reporting advertising budget cuts. However the proportion of firms who believe that their prospects are worsening fell from 63% last quarter to 44%.
In total, traditional media (including television, press, radio and outdoor) saw cuts of 34% during Q1. Online advertising and search also saw budget cuts, though these remained much lower at 10% and 2.4% respectively. Overall though, online continued to grow its share of total UK ad budgets at the expense of other sectors.
From Media Week: www.mediaweek.co.uk, 06/04/2009
IPA: http://www.ipa.co.uk