The industry is on track to deliver on a previous forecast of 9% to 10% growth this year, thanks to the effect of ad spending on the Summer Olympic Games, currently under way in Athens, and for the upcoming presidential election, Steven Fredericks, president-CEO of TNS Media Intelligence/CMR, said in a statement.
All media channels showed growth, except for spot advertising on radio, which was flat, down 0.3% for the half-year. Internet advertising grew fastest of all media, up 25.9%, followed by cable TV, up 18.2%, and syndicated TV, up 17.5%. Local newspapers, the largest U.S. advertising category, were up 7.5%, while network TV was up 8.3% and consumer magazines were up 7.9%.
Spending by the top 10 largest U.S. advertisers increased 5.7% to $8.23 billion, with increases among all but Time Warner, which was down 3%. Time Warner, however, does a large portion of its advertising on its own channels and publications. Procter & Gamble Co. was the largest U.S. advertiser in the first half, with $1.32 billion spent, up 4% over last year. General Motors Corp. was second with $1.26 billion, up 3.4%. Verizon Communications had the largest growth spurt among the top 10, up 23.1% to $703.7 million, spurred by growing telecom competition.