Citing a worse-than-expected economy in 2009 Veronis Suhler issued an update to its 2009 ad industry forecast earlier today that, unsurprisingly, expected traditional media to fare much worse than digital media. However, even digital media projections came down significantly and overall US advertising now expected to decline -0.4 percent in 2009 versus previous forecasts of 4.9 percent growth.
–Pure-Play internet and mobile spending is forecast to grow 9.1 percent, down from previous forecasts of 15.5 percent.
–Mobile content and videogames are forecast to grow 34.2 percent and 19.5 percent respectively, down from previous forecasts, which were not disclosed.
–Newspaper, TV, magazine, and radio ad spend is forecast to decline -16.2 percent, -9 percent, -8.5 percent, and -7.2 percent respectively.
Given recent dismal earnings reports by media companies, the revised forecasts shouldn’t be too surprising. Most media companies admitted 2009 was shaping up to be worse than expected so more downward revisions by research firms are likely to follow. More details on VSS’ forecast here.