Univision reported that the company's net revenue fell 2.4% during the third quarter to $511.3 million. Reflecting a better market earlier in 2008, net revenue was down just 0.8% for the first nine months of 2008.
Time Inc.'s Sports Illustrated is closing 3-year-old spinoff SI Latino with the December 2008 issue, leaving Time Inc. with just one Spanish-language title, People en Español. The company says SI Latino is "on hiatus."
At the Association of National Advertisers' annual Multicultural Marketing Conference in mid-November, several Hispanic-agency CEOs estimated revenue would drop 10% at their shops in 2009, and execs at Miami-based agencies were especially pessimistic. Among the advertisers present, marketers of consumer staples were the most upbeat. Tony Suarez, VP-multicultural marketing at McDonald's Corp., said his company isn't cutting its multicultural budget: "There are 6,000 new minorities a day, between immigration and births."
Edgar Sandoval, Procter & Gamble's general manager, marketing and multicultural business, North America, talked about the tough market in a Q&A session after his presentation.
"Some consumers are cutting toothpaste tubes to squeeze the last drop," he said. "We understand that, and adjust our plans. ... We look very closely at market shares. We have brands that historically are underdeveloped with multicultural consumers. Our job is to close the gap."