While economic downturns happen about once a decade, industry transformations of the kind currently affecting the media happen once a century, ABM President-CEO Gordon T. Hughes II said in his opening remarks to association members Tuesday morning.
Although the economic climate is very tough at present, “times of great change create great opportunities,” he said.
Hughes provided his annual forecast for b-to-b media in the coming year.
“We're calling advertising pages to be down 10% to 14% and trade shows and events to be down 4% to 6%,” he said. The growth rate for online media will slow in 2009, he predicted, with an increase of 14% to 16%.
It's important for the industry to look at these projections in the light of history, Hughes said.
“Keep in mind that ad pages were down 21% in 2001, but we didn't have digital revenue to the extent we do today to offset those declines,” he said.M