Old Media Panic
Sir Martin Sorrell, who as the boss of WPP is probably the most poweful ad man in the world, has given a powerful description of how the world’s media owners are getting nervous over the speed at which their business is shifting onto the internet. Sir Martin said at an internet advertising conference today there was a “considerable degree of panic” among traditional media owners over the speed of the onset of the digital age.
“I think they see circulation figures, TV viewing figures and revenue figures that give them deep cause for concern,” he said.”Over the last couple of years I cannot recall seeing a very happy media owner, certainly not of the traditional type. They are all worried about what is going on.”
It’s a good point. News Corp has been the most obvious example, but plenty of other traditional media owners appear to be in the same boat. In the UK, for example, they have been moaning about the advertising recession even as the rest of the economy was booming. I suspect as the economy turns down they will really start hurting. The same is true in the US. The economy has been growing at 4%, a year, and still the old media are laying off workers. When the downturn in the UK and US really arrives, as it surely will, then panic will be too mild a word for what the old media owners will be feeling.
