Advertisers will spend almost £250m less on newspaper ads this year than forecast at the end of 2011, with media buying network ZenithOptimedia delivering its fourth quarterly revenue downgrade in a row.
The belief sporting events such as the London Olympics and Euro 2012 might deliver a big boost to UK advertising spend led ZenithOptimedia to optimisitically forecast last December that newspaper ad revenue would grow 0.2% year on year to just less than £2.6bn.
However, the advertising bonanza failed to materialise with ZenithOptimedia now forecasting £2.33bn will be spent on newspaper ads this year, a reduction of £250m from its original bullish expectation.
(Dec 3, 2012, Guardian)