The New York Times reported on communications industry spending plans in an article that summarized the findings of private equity firm Veronis Suhler Stevenson.
Veronis' Communications Industry Forecast predicts cuts in spending by consumers and businesses across most areas of the media through 2013.
However, the report included more bullish numbers for branded entertainment, entertainment media, PR and word of mouth marketing. According to the article (which inexplicably lumps PR in with media):
Despite all the bad news about the media industry, it is expected to be the third-fastest-growing economic sector over the next five years, after mining and construction. Almost none of that growth is forecast to come from shrinking traditional media, however. Instead, it will be drawn from areas like word-of-mouth marketing and public relations (with a 9.2 percent compound annual growth rate from 2008 through 2013), branded entertainment (9.3 percent) and the Internet and mobile devices (10.2 percent).
Thanks Bob for bringing us some good industry news!
Posted by: Steve Andrews | August 06, 2009 at 12:16 PM