It’s been well documented that the presidential election has equaled record ratings and online visitors for much of the media. However, the candidates are helping the media on the business end as well, as The New York Times’ David Carr notes today. Political advertising spending is helping to keep ad revenues afloat through a significant drop in automotive, retail, and financial ad spending, Carr explains.
Yet even the hundreds of millions in media spending by Sens. Barack Obama (D-IL) and John McCain (R-AZ) won’t be enough to offset losses in other sectors, Carr reports, citing Marci Ryvicker, VP for equity research at Wachovia Capital Markets, who predicts a 1% 2008 decline in overall ad sales.
“This is the first year in history that advertising could decline in an even year,” she told Carr. “The finance guys, the auto guys, the retail sector are used to getting pushed off the air by the political ads and then returning, but this year, they won’t be coming back.”